Newcourt Shareholders Approve Psyence Bioscience Deal

Newcourt Acquisition announced today that its shareholders voted in favor of combining with Psyence Bioscience, a Toronto-based clinical-stage life science company developing uses for nature-derived psilocybin in mental health and wellbeing.

The vote was 8,189,012 shares cast in support of the merger, with 22,121 against.

Redemptions of 929,727 shares removed $10.7 million from the Newcourt trust. That would leave Newcourt with about 2.1 million in trust, as the account was down to approximately $12.8 million as of Jan. 9, according to a proxy filed last week.

No redemption reversals will be permitted, the SPAC said in an 8-K.

Newcourt earlier this week said Psyence had agreed to waive the $30 million minimum cash closing condition, as well as a $2.5 million PIPE.

The SPAC also said Psyence secured $12.5 million in four convertible notes to support the deal. The principal amount would be in exchange for a $10 million subscription amount. Each of the four tranches is for a principal amount of $3.12 million in exchange for a subscription amount of $2.5 million.

The original merger terms called for Psyence to receive a minimum of $20 million cash. Newcourt had raised $220 million in an October 2021 . Read more.

Source: Newcourt Shareholders Approve Psyence Bioscience Deal