Maxpro Capital Acquisition Corp. (JMAC) Closes Apollomics Deal
Maxpro Capital (NASDAQ:JMAC) announced that it has closed its combination with clinical-stage biotech firm Apollomics and the combined company’s shares and warrants are to begin trading today on the Nasdaq under the symbols “APLM” and “APLMW”, respectively.
Apollomics is set to receive $21.35 million in proceeds from a PIPE that Maxpro announced in February and this represents a large majority of the deal’s proceeds as it also saw about 99.2% of shares redeemed in its approval vote.
This vote recorded 8,024,976 shares of common stock approving the business combination and 2,779,121 shares voting against the deal. Redemptions left Maxpro with 79,940 public shares remaining.
Maxpro Capital announced its $899 million deal with Apollomics in September 2022. The Foster City, California-based company is developing a line of drug candidates to treat rare cancers with clinical processes nearing completion in both the US and Chinese treatment markets.
Its APL-101 drug candidate for treating non-small cell lung cancer was granted an orphan drug designation by the FDA late last year giving it an enhanced duration to its exclusivity rights following approval.
- ARC Group Limited is acting as financial advisor to Maxpro.
- EF Hutton is acting as capital market advisor to Maxpro.
- White & Case LLP is acting as legal counsel to Apollomics.
- Nelson Mullins Riley & Scarborough LLP is acting as legal counsel to Maxpro.
- Marshall & Stevens Transaction Advisory Services LLC is acting as the fairness opinion provider to the board of directors of Maxpro.