Genesis Growth Tech Acquisition in an 8-K said 5.85 million (99.98%) of the votes cast at a shareholders meeting were in support of the SPAC’s merger with MindMaze.
Founded in 2012, MindMaze is engaged in brain technology with a mission to accelerate humanity’s ability to recover, learn and adapt.
Genesis shareholders redeemed a negligible 67,883 shares in connection with the merger vote.
Deal terms include a Patent Purchase Agreement between the SPAC’s sponsor and MindMaze, including Assigned Patent Rights and all other intellectual property rights acquired by the sponsor under the Patent Purchase Agreement. The SPAC will pay to the sponsor $1,000 and will assume and agree to perform and discharge all of the sponsor’s obligations under the Patent Purchase Agreement, including the obligation to pay $21 million to MindMaze by May 31 and the obligation to share 50% of the gross amounts received under the Patent Purchase Agreement with MindMaze after the threshold amount of $44 million is received by Genesis SPAC. The Patent Purchase Agreement grants a worldwide royalty-free license back to MindMaze.
Genesis Growth Tech originally raised $220 million in a December 2021 IPO. Read more.
