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Financial Strategies Acquisition Corp. (FXCO) announced a definitive merger with Austin Biosciences Corp., a preclinical pharmaceutical company, on February 13, 2023. The merger will result in Austin Biosciences becoming a wholly-owned subsidiary of FXCO. Shareholders of Austin Biosciences will receive 12.5 million shares of FXCO's Class A common stock, valuing the combined entity at approximately $166.3 million. The transition aims to enhance drug delivery and treatment effectiveness for various cancers. The merger is expected to close in Q2 2023, pending shareholder approval. Mr. Schinzing will lead as Chairman while Mr. Burgi-Krishnamurthy will be CEO of Austin Biosciences.
On February 9, 2023, Financial Strategies Acquisition Corp. (NASDAQ: FXCO) announced an extension of its initial business combination period from February 14, 2023, to March 14, 2023. This extension is intended to provide additional time for completing the business combination. To facilitate this, Temmelig Investor LLC has deposited
Financial Strategies Acquisition Corp. (NASDAQ: FXCO) announced that stockholders approved a proposal to extend the date for completing an initial business combination from December 14, 2022, to January 14, 2023. This allows for further extensions without additional stockholder votes, contingent on a $50,000 deposit into the Trust Account for each extension. Additionally, on December 9, 2022, the company issued a $600,000 unsecured promissory note convertible into private units upon a successful business combination. The extension aims to provide sufficient time for finalizing a business combination.
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