Summit Healthcare Acquisition in an 8-K said its shareholder meeting scheduled for March 1 has been rescheduled to March 14, when investors will vote on whether to combine with YS Biopharma, a china-based developer of rabies vaccines. The postponement, Summit said, gives the SPAC more time for the preparation of closing logistics. Summit said the redemption deadline has been moved from Feb. 27 at 5 p.m. Eastern to March 10.
As announced in September, the deal is expected to provide up to $230 million in gross proceeds to YS Biopharma, including $30 million from forward purchase investors and up to approximately $200 million in Summit's trust account.
If approved, YS Biopharma shares and warrants are expected to list on the Nasdaq under the ticker symbols YS and YSBPW.
YS Biopharma's YSJATM rabies vaccine is one of the leading products in the human-use rabies vaccine market in China. Read more.
Source: Summit Healthcare Acquisition Pushes YS Biopharma Merger Vote Back by Two Weeks