Denali Capital Acquisition in an 8-K said shareholders approved merging with Longevity Biomedical.
The SPAC said 4,440,202 shares were redeemed. Since its $75 million IPO in April 2022, redemptions have removed nearly 99% of Denali’s trust, which now stands at about $1 million following the merger vote.
Longevity in August agreed to waive the deal’s $30 million cash closing condition. The SPAC had secured an $18 million PIPE commitment from FutureTech Capital to support the acquisition, although that funding was later reduced to $13 million.
No word yet on when the deal might close.
The target is focused on advancing new technologies across therapeutics, health monitoring and digital health solutions “to increase human health span.”
At announcement a year ago, the deal had a pro forma equity valuation of approximately $236.2 million, which assumed zero redemptions. Read more.
