The combined company will have a pro forma enterprise value of $339M & an equity value of $374M with ~$250M held in a trust account at JPMorgan Chase Trust. The combined company will receive $50M incl. $35M held in trust & $15M in PIPE financing at $10.15/share in cash
Starton existing stakeholders are also eligible for 25M shares in milestones in 3 equal tranches of 8.3M payable upon the combined company share price reaching (i) $12 for 20 trading days (ii) $14 for 20 trading days, or upon completing P-Ib trials for MM (iii) $16 for 20 trading days or upon completing the bridging study. The transaction is expected to close in H2’23
The combined company will be renamed Starton Holdings Corp. & will be listed on NASDAQ with a focus on developing therapies for MM & chronic lymphocytic leukemia. Starton’s technology focuses to provide continuous delivery treatment for cancer patients
Ref: Businesswire | Image: Starton Therapeutics
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