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Peak Bio Co., Ltd. has successfully completed its business combination with Ignyte Acquisition Corp., set to trade under the new ticker symbol PKBO on NASDAQ starting November 2, 2022. The special meeting approving the merger took place on October 25, 2022. Peak Bio, focused on oncology and inflammatory disease therapeutics, aims to leverage its clinical-stage pipeline, including the neutrophil elastase inhibitor PHP-303, which is progressing towards Phase II trials. The combined entity is expected to enhance its market presence and operational capabilities.
Ignyte Acquisition Corp. (NASDAQ: IGNY) announced that its stockholders approved the business combination with Peak Bio Co., Ltd. at a special meeting on October 25, 2022. Approximately 75% of votes supported the merger, leading to the cancellation of a subsequent meeting scheduled for October 31, 2022. Peak Bio focuses on clinical-stage therapeutics in oncology and inflammation, with its lead product PHP-303 awaiting Phase II clinical trials. The results will be reported in a Current Report on Form 8-K, to be filed with the SEC.
Ignyte Acquisition Corp. (NASDAQ: IGNY) announced a definitive merger agreement with Peak Bio Co., Ltd., a clinical-stage biopharmaceutical company. The transaction will result in the combined entity being named Peak Bio, Inc., expected to trade on NASDAQ under the ticker symbol "PKBO." A $25 million PIPE investment led by Palo Alto Investors will support the merger, which values the combined company at approximately $278 million. The merger aims to advance Peak Bio's oncology and inflammation pipeline, with key milestones anticipated through 2024.
Ignyte Acquisition Corp. (NASDAQ:IGNYU) has received a notice from Nasdaq Regulation due to the late filing of its Quarterly Report on Form 10-Q for the period ended March 31, 2021. This breach of Nasdaq Listing Rule 5250(c)(1) does not immediately affect the trading of its units, shares, or warrants. The Company must submit a compliance plan by July 26, 2021, with potential approval granting up to 180 days to regain compliance. The delay is attributed to the evaluation of the impact of SEC guidance on accounting for warrants issued by SPACs.
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