JAQC - Filament Health to merge with SPAC Jupiter Acquisition Corp.

2023-07-19 13:58:33 ET

Filament Health ( OTCQB:FLHLF ), a Canadian developer of psychedelic drugs, has agreed to merge with SPAC Jupiter Acquisition Corp. ( NASDAQ: JAQC ) through an all-stock deal that pegs the enterprise value of the combined company at $210M.

Under the deal, Filament shareholders will receive equity in the combined company valued at $0.85 per Filament share , subject to certain adjustments. The deal reflects a pre-money equity valuation for Filament of $176M, with Filament shareholders and certain other parties eligible to receive additional shares of the combined company based upon post-closing stock performance.

After the closing, shares of the combined company are expected to trade on Nasdaq. Filament shares are currently traded OTC in the US. The deal is expected to close in Q4.

Jupiter Acquisition Corp. went public in July 2021, raising $150M.

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Filament Health reports Q1 results

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