Semper Paratus Acquisition announced today that its shareholders approved a business combination with Tevogen Bio.
The SPAC said 1,432,457 shares out of 1,502,180 Semper Paratus shares were redeemed. Although the trustee is calculating the final amount, preliminary calculations are that approximately $15.9 million (about $11.07 per share) will be removed from the trust. To date, redemptions of about 99.8% of the original outstanding shares have nearly erased the SPAC's cash in trust.
Redemptions ahead of a successful extension vote last month left $16.5 million cash in the Semper Paratus trust. The SPAC still has until September to close the merger.
Tevogen Bio is a clinical-stage specialty immunotherapy company harnessing one of nature's most powerful immunological weapons, CD8+ cytotoxic T lymphocytes, to develop off-the-shelf, genetically unmodified precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders.
When announced in June, the deal had a pro forma equity value of approximately $1.2 billion.