Genesis Growth Tech Adds Details on MindMaze Deal

Genesis Growth Acquisition filed its annual report, which offers additional information on its $21 million deal with MindMaze, a digital therapeutics firm.

The sponsor is obligated to pay MindMaze the $21 million purchase price by May 31. The parties have also agreed to share certain revenues.

The SPAC's sponsor currently owns 6,325,000 Class B shares, representing approximately 98.7% of the outstanding ordinary shares, and 8,875,000 warrants to purchase a like number of Class A shares at $11.50 each.

Genesis Growth lost almost all of its cash in trust to redemptions last year on extension votes.

Founded in 2012, MindMaze is engaged in brain technology with a mission to accelerate humanity's ability to recover, learn and adapt. With over a decade of work at the intersection of neuroscience, biosensing, engineering, mixed reality and artificial intelligence, the company on its website says it has enhanced the recovery potential of patients with neurological diseases.

Genesis Growth Tech had raised $220 million in a December 2021 IPO. Read more.

Source: Genesis Growth Tech Adds Details on MindMaze Deal