BIOSW - BioPlus Acquisition Corp. Announces Termination of Business Combination Agreement with Avertix Medical Inc. and its Intention to Liquidate | Benzinga
New York, NY, Oct. 04, 2023 (GLOBE NEWSWIRE) -- BioPlus Acquisition Corp. ("BIOS" or the "Company") (NASDAQ:BIOS) announced today that (i) BIOS, Avertix Medical, Inc. and certain other parties have mutually agreed to terminate their previously announced business combination agreement and plan of reorganization (the "Business Combination Agreement"), effective as of October 4, 2023 and (ii) it intends to liquidate as soon as practicable after October 4, 2023 and to return funds to holders of its Class A ordinary shares that were included in the units issued in the Company's initial public offering ("Public Shares").
The Business Combination Agreement was dated as of May 2, 2023. The parties have signed an agreement terminating the Business Combination Agreement on mutually acceptable terms, which also makes void the ancillary documents to the Business Combination Agreement.
In view of the termination of the Business Combination Agreement, BIOS determined that it would be unable to consummate an initial business combination within the time period in its Amended and Restated Memorandum and Articles of Association, as amended (the "Charter") and BIOS intends to dissolve and liquidate in accordance with the provisions of its Charter ("Liquidation").
BIOS expects to redeem all of its Public Shares for an estimated redemption price of approximately $10.79 per share (the "Redemption Amount") after the payment of taxes and dissolution expenses. Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public ...