hong kong-based APRINOIA Therapeutics, a clinical-stage biotechnology company focused on neurodegenerative diseases, and Ross Acquisition II today announced a definitive merger agreement at a pro forma enterprise value of up to $319.6 million.
All of APRINOIA's existing shareholders will roll 100% of their shares in APRINOIA into the merged enterprise, when they would then hold between 42% and 74% of the combined company depending on the level of redemptions by ROSS shareholders.
The SPAC was founded by Wilbur Ross, former commerce secretary during the Trump Administration.
APRINOIA will receive the remaining proceeds held in ROSS's trust account following any redemptions by ROSS shareholders, an additional $7.5 million from an affiliate of Ross and $5 million in commitments from other investors, including existing shareholders of APRINOIA. There is approximately $350.6 million currently held in ROSS's trust account. Read more.