Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to once again adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 13.
The SPAC has been using these additional days to further engage with its shareholders and its ballot includes measures that go beyond approving the deal. Shareholders are also voting on proposals pertaining to the management’s powers to make certain governance changes and allowing the company to issue up to 39,913,926 upon close to comply with NYSE listing requirements.
Priveterra has already secured half of the transaction’s $40 million minimum cash condition through a $20 million commitment from existing AEON investors at $7 per share. But, the SPAC has very little wiggle room for making up the rest as its trust has been reduced to about $20.3 million after seeing 92.7% of shares redeemed in earlier votes.
At its extension vote in February, Priveterra also postponed the meeting twice and made slight concessions in between. It now has until August 11 to close the deal.
Priveterra inked its $201.8 million business combination with drug developer AEON on December 13. Irvine, California-based AEON is working on an injection-based migraine treatment to compete with Botox for chronic and frequent sufferers.