Petra (PAIC) Shareholders Approve Revelation Biosciences Deal
Petra Acquisition, Inc. (NASDAQ:PAIC), in a press release today regarding it’s Phase 2b trials for REVTx-99, also announced that its shareholders approved its combination with biotech firm Revelation Biosciences in a meeting held last week.
Unfortunately, nothing has been filed yet and Petra did not disclose much information regarding the deal, including redemption figures. However, the combined company is expected to begin trading today on the Nasdaq under “REVB” and “REVBW”.
The SPAC recently added forward purchase agreements and a convertible note that added up to $12 million to its combination with Revelation. Of this amount, $4.5 million is to be used to backstop potential redemptions with financing from AXA Prime Impact Master Fund, LifeSci Venture Partners as well as other Petra and Revelation institutional investors. Meteora Capital and affiliates have also agreed to purchase 750,000 shares from redeeming shareholders and have agreed not to redeem themselves.
Petra initially announced its $128 million combination with Revelation on August 30. San Diego-based Revelation is developing two drug candidates aimed at treating respiratory diseases as well as a diagnostic device for diagnosing viral infections.
On December 1, it initiated Phase 2b trials for REVTx-99 to test its efficacy in treating the flu while this drug began Phase 1b trials for treating allergic rhinitis and chronic nasal congestion the month before.
ADVISORS
- Roth Capital Partners is acting as financial advisor to Revelation
- LifeSci Capital is acting as financial and capital markets advisor to Petra
- Loeb & Loeb LLP is acting as legal counsel to Petra
- Fox Rothschild LLP and J.P. Galda & Co are acting as legal counsel to Revelation