JATT Acquisition Corp. (JATT) Shareholders Approve Zura Bio Deal
JATT Acquisition Corp. (NYSE: JATT) announced this afternoon that its shareholders have approved its combination with clinical-stage biotechnology company Zura Bio.
A total of 4,907,863 ordinary shares, or 95.5% of JATT’s issued and outstanding ordinary shares, were present at today’s special meeting. The business combination was overwhelmingly approved as holders of 4,903,764 ordinary shares, or 99.9% of the votes cast at the meeting, voted in favor of the deal.
The parties expect to close the deal on March 20 after all closing conditions are satisfied or waived. The combined company’s ordinary shares and warrants are anticipated to begin trading on the Nasdaq on March 21 under the new ticker symbols, “ZURA” and “ZURAW”, respectively.
The SPAC disclosed last week that following the close, it will issue 2,500,000 new shares to its FPA investors. FPA investors Athanor Master Fund and affiliates already agreed to expand their FPA purchases last month to 3,000,000 shares at $10 per share and provide a binding redemption backstop of $15 million covering any redemptions in excess of 90%.
JATT initially announced its $215 million business combination with Zura Bio in June 2022. London-based Zura Bio is a clinical-stage firm developing novel medicines for immune disorders with an initial focus on alopecia.
ADVISORS
- Raymond James & Associates, Inc. and its affiliates (together, “Raymond James”) is acting as the lead PIPE placement agent
- Raymond James & Associates, Inc. is financial advisor to JATT in the transaction.
- McDermott Will & Emery LLP is acting as legal counsel to Zura Bio.
- Ogier is acting as legal counsel to Zura Bio.
- Loeb & Loeb LLP and Simmons & Simmons are acting as legal counsel to JATT
- Maples and Calder (Cayman) LLP are acting as Cayman Islands legal counsel to JATT.
- Paul Hastings LLP is acting as legal counsel to Raymond James.