Biotech Acquisition Company Announces Liquidation
Biotech Acquisition Company (Nasdaq: BIOT) announced it will not extend the time period for completing an initial business combination due to an investor's failure to deposit required funds. Consequently, the Company will dissolve and liquidate, redeeming its Public Shares at approximately $10.15 per share. This decision follows an extraordinary general meeting held on January 19, 2023. The liquidation process will involve instructing the Trust Account trustee to liquidate securities, with funds held in a non-interest bearing account until disbursement. The redemption is expected to complete within ten days after January 27, 2023.
- Redemption price set at approximately $10.15 per Public Share.
- Failure to secure necessary funds for business combination.
- Company faces dissolution and liquidation.
- Warrants will expire worthless.
New York, New York, Feb. 01, 2023 (GLOBE NEWSWIRE) -- 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
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 Hummel
al.hummel@sprim.net
FAQ
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