Newcourt Acquisition in a proxy filing called a Jan. 18 meetign for shareholders to vote on the proposed business combination with Psyence Bioscience. The deal values Psyence Biomedical at a pre-money equity value of $50 million.
A subsidiary of Psyence Group, the Toronto-based target is a clinical-stage life science biotechnology company developing uses for nature-derived psilocybin in mental health and wellbeing.
At deal announcement a year ago, terms called for Psyence to receive a minimum of $20 million cash held in trust. Newcourt raised $220 million in an October 2021 IPO, although the account is now down to approximately $12.8 million as of Jan. 9, according to the proxy.
Currently, the Newcourt sponsor owns approximately 84.8% of the SPAC’s outstanding shares. The sponsor will waive redemption rights and vote in support of the merger. Read more.
