SEP Acquisition announced that shareholders approved its merger with SANUWAVE Health. The SPAc said 5,137,623 shares were voted in favor of the combination, with 3,778 against.
SANUWAVE Health is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.
SEP Acquisition said 495,067 Class A shares were redeemed in connection with the vote, leaving 809,192 shares outstanding. The SPAC has lost just over 95% of its shares to redemptions on extensions since its $170 million IPO in July 2021. Formerly Mercury Ecommerce Acquisition, the SPAC was renamed in January 2023.
Approximately $8.5 million of capital has already been committed, including $7 of SEP shares held by investors affiliated with Sweat Equity Partners and Mercury Life Sciences who have agreed to enter into voting and non-redemption agreements.
SANUWAVE has scheduled a Feb. 21 stockholders meeting at 10 a.m. CT for its shareholders to vote on the deal.
If approved, upon closing, the combined company is expected to trade on the Nasdaq under the symbol SNWV. Read more.
