Newcourt Acquisition closed its combination with psychedelic medicine company Psyence, which begins trading today on the nasdaq under the new ticker symbol PBM.
The SPAC's shareholders approved the deal Jan. 18. In connection with last week's vote, 929,727 shares were redeemed at approximately $11.51 each, removing about $10.7 million from Newcourt's trust and leaving it with 183,294 public shares outstanding, or about $2.1 million in trust.
Psyence prior to the SPAC shareholder vote had agreed to waive the $30 million minimum cash closing condition, as well as a $2.5 million pipe.
Psyence entered into a securities purchase agreement under which it will raise up to $10 million in funding through the issuance of up to four senior secured convertible notes with a US-based investment firm. The combined company intends to use the note financing to further its clinical trials conducted in Australia.
Psyence has partnered with the Australian-based research organization iNGENu to conduct its clinical trial in palliative care. Upon successful completion of the study, the combined company plans to conduct a multinational Phase III study.
The SPAC announced the deal in January 2023. The Canada-listed company is developing psychedelic drug candidates to potentially treat patients in palliative care and those with severe psychological conditions. Read more.