Palihapitiya-backed SPAC rebounds as ProKidney merger vote delayed
06/07/2022 14:42
** Shares of Social Capital Suvretta Holdings Corp III
DNAC.O up 13.7% at $9.56 early Weds as shareholder vote on
ProKidney merger pushed back
** DNAC plans to adjourn today's meeting "to permit SCS and
ProKidney additional time to satisfy conditions to closing of
the Business Combination with respect to approval by The Nasdaq
Capital Market of a listing application covering the Class A
ordinary shares of the combined company," according to SEC
filing https://www.sec.gov/Archives/edgar/data/1850270/000119312522188292/d324211ddefa14a.htm
** Meeting to reconvene at a later, unspecified, date, per
the filing
** DNAC's shares tumbled 14.4% on Tues, about six months
since biotech firm agreed to go public in $2.6 bln deal with
veteran dealmaker Chamath Palihapitiya urn:newsml:reuters.com:*:nL4N2TY2WA
** Also on Tues, Israel's online brokerage eToro and Betsy
Cohen-backed SPAC FinTech Acquisition Corp FTCV.O became the
latest cos to nix their planned tie-up, joining the likes of
event ticketing firm SeatGeek and business magazine Forbes a
month ago urn:newsml:reuters.com:*:nL4N2YM2AW urn:newsml:reuters.com:*:nL1N2XO20L
** The SPAC market has fizzled this year amid increased
regulatory and political scrutiny, high shareholder redemptions
and collapsing share prices
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))