Newcourt Acquisition in an 8-K said its sponsor converted all of its 6,535,000 Class B shares into Class A shares. All terms and conditions still apply to those coverted founder shares.
Following the conversion, the SPAC now has approximately 8,788,021 Class A Shares outstanding.
Newcourt has a merger agreement with Psyence Group at a pre-money equity value of $50 million for the target’s therapeutics business, Psyence Biomed.
The deal is conditioned upon customary regulatory and shareholder approvals, as well as Newcourt having a minimum of $20 million in cash to close.
Psyence is a clinical-stage life science biotechnology company pioneering the use of natural psilocybin in mental health and well-being.
Newcourt originally raised $220 million in an IPO two years ago.
