The special meeting, which was originally scheduled for Tuesday, January 24, is being postponed so that PMGM will have additional time to engage with its shareholders.
Priveterra inked its $201.8 million business combination with drug developer AEON on December 13, but now faces a completion deadline of February 11. Irvine, California-based AEON is working on an injection-based migraine treatment to compete with Botox for chronic and frequent sufferers.
Earlier this month, the SPAC announced it secured $20 million in commitments from existing investors in connection to its business combination. Priveterra originally brought about $276 million into the deal through its current trust but aside from this month’s funding, it has not yet supplemented this with other committed sources of capital. It must maintain at least $45 million in cash available in order for the deal to close, which means the SPAC potentially still needs to secure an additional amount of capital.