Bellevue Life Sciences Acquisition said changes made to its merger agreement with OSR Holdings include a reduction in the purchase price from 25,033,961 shares to 24,461,214 shares. This lowers the cash value of the deal by about 2% from $250,339,610 to $244,612,136.
This adjustment follows an extension vote earlier this month in which the SPAC lost about 28% of its shares to redemptions. Heading into the vote, there were 5,622,954 shares outstanding.
OSR is a global healthcare holding company. The deal was announced in November. Peter Kuk Hyoun Hwang is CEO of both companies.
The SPAC said 1,581,733 shares (about 28% of shares outstanding) were tendered for redemption. Heading into the vote, there were 5,622,954 shares outstanding — now down to about 4.04 million shares.
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. Read more.
