Biotech Acquisition Company said it will not move forward with a deadline extension approved by shareholders last month and will instead redeem shares and shut down. The investor responsible for depositing funds into the SPAC's trust for an extension is unable to do so, the company said.
The per-share redemption price is expected to be approximately $10.15.
Biotech Acquisition last June called off a deal with Blade Therapeutics, a biopharmaceutical company in South San Francisco. While the SPAC did not provide a reason for the breakup, Biotech Acquisition had twice postponed a shareholder vote on the deal, saying on both occasions it needed more time to satisfy the closing conditions. one of those conditions had called for minimum cash consideration of $75 million.
The SPAc initiall had $230 million of net cash in trust. Read more.
Source: Biotech Acquisition Company will Liquidate