- Special purpose acquisition company Good Works II Acquisition ( NASDAQ: GWII ) is set to merge with the late-stage biotechnology company Direct Biologics.
- The latter will become a publicly traded company upon the closing of the transaction.
- The transaction involves a minimum cash condition of at least $75M. Additionally, Direct Biologics is also conducting a private placement of up to $100M.
- IB Investments has invested $5M in the private placement.
- The transaction is expected to close in H1 2023.
- The combined company will be named Direct Biologics, with the shares expected to trade on the Nasdaq Capital Market.
- The cash from the proposed transaction is intended to be used to fund clinical trials and provide working capital for commercializing ExoFlo.
- Source: Press Release
For further details see:
Good Works II Acquisition to merge with Direct Biologics