Soaring Eagle Acquisition Corp. (SRNG) Shareholders Approve Ginko Bioworks Deal

Soaring Eagle Acquisition Corp. (NASDAQ:SRNG) has secured shareholder approval of its combination with cell programming company Ginko Bioworks at a shareholder vote this morning.

The SPAC did see about 49% of its trust redeemed in the vote, however. This will still provide about $1.6 billion in proceeds to Ginko Bioworks, including $858 million from Soaring Eagle’s remaining trust, which is plenty to fulfill the transactions’ minimum cash condition of $1.25 billion. Overall, this is a better-than-average result compared to the redemption rates of the past month, but still more than might be expected for such a prestigious deal.

Soaring Eagle expects to complete the transaction on September 16. The combined company’s shares and warrants are expected to begin trading on the NYSE the following day under the symbols “DNA” and “DNA.WS”, respectively.

Ginko Bioworks uses genetic engineering to create bacteria for a range of industries with a focus on strain improvement, enzyme discovery, new product development, biosecurity, and mammalian cell engineering. Most recently, Ginko Bioworks announced its platform had achieved breakthroughs in manufacturing mRNA vaccines and rare forms of cannabis compounds.

About 75% of shares participated in Soaring Eagle’s vote and 97% voted in favor of the transaction. Vote tallies on any additional measures will be made available once the SPAC files its 8-K on the meeting.

ADVISORS

• Allen & Company LLC and Morgan Stanley & Co. LLC are acting as financial advisors to Ginkgo.
• Latham & Watkins LLP is acting as legal advisor to Ginkgo.
• Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Ginkgo with respect to certain corporate governance matters.
• Goldman Sachs & Co. LLC is acting as financial advisor to Soaring Eagle.
• White & Case LLP is acting as legal advisor to Soaring Eagle.
• Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Allen & Company LLC served as placement agents for Soaring Eagle on the PIPE transaction.