Biotech Acquisition Company Announces Liquidation
02 Febbraio 2023 - 1:50AM
Biotech Acquisition Company (the “Company”) (Nasdaq: BIOT),
announced today that it will not implement the extension of the
time period the Company has to complete an initial business
combination as approved by its shareholders at an extraordinary
general meeting of shareholders held on January 19, 2023 as a
result of the investor being unable to deposit the requisite funds
into the Company's trust account ("Trust Account") for the
extension. As a result, the Company will dissolve and liquidate in
accordance with the provisions of its Amended and Restated
Memorandum and Articles of Association, as amended (the “Charter”)
and will redeem all of the outstanding ordinary shares that were
included in the units issued in its initial public offering (the
“Public Shares”), at a per-share redemption price of
approximately $10.15.
In order to provide for the disbursement of
funds from the Trust account, the Company will instruct the trustee
of the Trust Account to take all necessary actions to liquidate the
securities held in the Trust Account. The proceeds of the Trust
Account will be held in a non-interest bearing account
while awaiting disbursement to the holders of the Public Shares.
Record holders will receive their pro rata portion of the
proceeds of the Trust Account by delivering their Public Shares to
Continental Stock Transfer & Trust Company, the Company’s
transfer agent. Beneficial owners of Public Shares held in
“street name,” however, will not need to take any action in order
to receive the redemption amount. The redemption of the Public
Shares is expected to be completed within ten business days after
January 27, 2023.
The Company’s sponsor has agreed to waive its
redemption rights with respect to its outstanding Class B ordinary
shares issued prior to the Company’s initial public offering. There
will be no redemption rights or liquidating distributions with
respect to the Company’s warrants, which will expire worthless.
About Biotech Acquisition
Company
Biotech Acquisition Company, a blank check
company formed for the purpose of effecting a merger, amalgamation,
share exchange, asset acquisition, share purchase, reorganization
or other similar business combination with one or more businesses.
Although the Company may pursue a business target in any industry
or geographic location, the Company intends to focus its search for
a target business in the healthcare sector.
Forward-Looking Statements
This press release may include, and oral
statements made from time to time by representatives of the Company
may include, “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended. Statements other than statements of historical fact
included in this press release are forward-looking statements. When
used in this press release, words such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions, as they relate to us or
our management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management,
as well as assumptions made by, and information currently available
to, the Company’s management. Actual results could differ
materially from those contemplated by the forward-looking
statements as a result of certain factors detailed in the Company’s
filings with the SEC. All subsequent written or oral
forward-looking statements attributable to the Company or persons
acting on its behalf are qualified in their entirety by this
paragraph. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K, subsequent quarterly reports
on Form 10-Q and initial public offering prospectus. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Contact:
Al Hummelal.hummel@sprim.net
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