Bellevue Life Sciences Acquisitions said last Friday’s shareholder meeting has been postponed to May 14, when the SPAC’s investors are expected to vote on an extension proposal.
Bellevue wants six more months up to Nov. 14 to complete its deal with OSR Holdings, a global healthcare holding company. If the proposal passes, Bellevue’s sponsor would deposit $50,000 into traust for each month requied up to the new deadlines.
The deal was announced in November. Peter Kuk Hyoun Hwang is CEO of both companies.
The SPAC lost about 38% of its trust to redemptions on an extension vote late last year. Bellevue had raised $69 million in a February 2023 IPO.
The per share redemption price ahead of the vote is expected to be $10.80.
Bellevue would own at least 60% of the new OSR outstanding shares, with the right to acquire the remainder, if the deal wins shareholder approval.
The merged company would be named OSR Biosciences and its common stock and warrants would list on the Nasdaq. Read more.
