JATT Acquisition, Athanor Master Fund and Athanor International Master Fund in an 8-K today said they amended the SPAC's forward purchase agreement with participating investors who;ve agreed to purchase up to $15 million in stock in the event that redemptions exceed certain thresholds. The purchasers will receive an additional 2.5 million Class A Shares upon the closing of the SPAC's proposed merger with Zura Bio Limited.
Announced in June, if approved the combined company is expected to receive gross cash proceeds of up to $189 million, which includes the $139 million held in JATT's trust account (less redemptions), the FPA, which now stands at $65 million, plus $20 million in PIPE financing. Even if redemptions completely wipe out the SPAC's trust, JATT should still have sufficient funds between the FPA and PIPE to fulfill the $65 million minimum cash condition to close.
Shareholders are scheduled to vote on the deal March 16.
The london-based target is a clinical-stage biotechnology company focused on developing novel medicines for immune disorders. Read more.
Source: JATT Adds to FPA for Zura Bio Deal