European Biotech Acquisition in an 8-K filing today disclosed it has increased its PIPE by nearly $7.9 million in support of a merger agreement with Oculis, an eyecare-focused biopharmaceutical company.
The SPAC also secured a convertible loan agrerement for $7 million. Under the convertible loan agreements, the lenders also granted Oculis a right to receive a convertible loan with certain conversion rights, in an aggregate amount of $19.67 million.
Announced in October, the merger is expected to deliver gross proceeds to Oculis in excess of $200 million (assuming no redemptions). This includes approximately $127.5 million held in EBAC's trust as well as commitments to the upsized PIPE. Read more.
Source: European Biotech Acquisition Adds M to Oculis Deal