SPAC Social Capital Suvretta Holdings Corp. III ( NASDAQ: DNAC ) said in a filing that it has delayed the shareholder vote to approve its planned merger with biotech company ProKidney to allow for extra time for certain closing conditions to be met.
SCS said in an 8-K filing that it adjourned a special shareholders meeting held on July 6, with the meeting to be reconvened at a later date. It encouraged eligible shareholders who had not voted or wished to change their vote to submit their proxies as soon as possible.
The SPAC said the closing conditions in question were related to its application to list shares of the combined company on Nasdaq.
ProKidney and SCS announced plans to merge in January. The deal was expected to create a combined company with a post-money equity valuation of $2.64B and provide up to $825M in gross proceeds, including a $575M fully committed PIPE financing and up to $250M in cash held in trust by the SPAC.
Based in North Carolina, ProKidney has developed a cellular therapy called REACT for the treatment of chronic kidney disease, or CKD. The product is currently in Phase III testing for diabetic CKD.
For more SPAC news, check out SA’s SPAC News page.
For further details see:
SPAC Social Capital Suvretta III delays shareholder vote on ProKidney merger