Priveterra Acquisition Corporation (PMGM) to Adjourn Completion Vote Third Time

Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this afternoon that it will adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time on June 15, marking the third adjournment for the meeting.

The SPAC disclosed that it has been using this additional time to further engage with its shareholders. Aside from voting on a proposal to approve the business combination, 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’s deal with AEON Biopharma includes a $40 million minimum cash condition, half of which has already been secured through a $20 million commitment from existing AEON investors at $7 per share. But, the SPAC’s trust, originally totaling $276 million, has been reduced to about $20.3 million after seeing 92.7% of shares redeemed in earlier votes. 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.