Priveterra Acquisition in an 8-K said today’s shareholder meeting to vote on a deadline extension has been postponed to Feb. 6. The SPAC said that will give it more time to engage with its shareholders. The SPAC’s current merger deadline is Feb. 11.
Priveterra has a deal in hand with AEON, a clinical-stage biopharmaceutical company focused on developing a proprietary botulinum toxin complex for the treatment of multiple debilitating medical conditions.
At deal announcement in December, terms calleed for Priveterra to acquire AEON for $165 million in stock, assuming no redemptions. Priveterra’s sponsor has also allocated 50% of its common stock to an earnout based on achievement of certain clinical milestones.
The companies announced earlier this month that at least $20 million in additional funding has been committed by existing AEON investors in support of the proposed merger. The commitments represent less than half of the $45 million minimum cash requirement for the proposed transaction. Read more.
Source: Priveterra Acquisition Pushes Back Extension Vote to Next Month