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Afternoon SPAC News Roundup: February 14, 2024

Afternoon SPAC News Roundup: February 14, 2024


News and Rumors

  • PR: ADAS technology company LeddarTech (NASDAQ:LDTC) has reduced the exercise price for its warrants to $11.17 per share from $11.50 to meet its anti-dilution provisions in view of the share dividends paid out by Prospector Capital, which took it public in a combination that closed in December.
  • PR: NewAmsterdam Pharma (NASDAQ:NAMS) raised $175.3 million from a public offering of 4,488,159 shares at $19 per share and warrants to purchase 4,736,841 shares at $18.99 per warrant. NewAmsterdam combined with Frazier Lifesciences in and its shares last closed at $20.

Deals and Funding

  • Phoenix Biotech (NASDAQ:PBAX) has amended its combination with CERo Therapeutics to boost its earnout agreement from containing up to 2,400,000 shares to 3,075,000. Of these, 875,000 will now vest immediately at close and Phoenix Biotech’s sponsor will forfeit an equal number of promote shares. Another 500,000 earnout shares will disperse at each of the deal’s two existing share price targets. One million will go out if the CERo submits an IND application to the FDA and 200,000 will if a change of control occurs.