4D Pharma Says Longevity Secures Approval To Extend Merger Deadline

(Alliance News) - 4D Pharma PLC on Monday said Longevity Acquisition Corp has received approval ...

Alliance News 23 November, 2020 | 11:31AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - 4D Pharma PLC on Monday said Longevity Acquisition Corp has received approval from its shareholders to extend the deadline for a merger.

The Leeds-based pharmaceutical company said special-purpose acquisition company Longevity now has until May 29, 2021 to complete a merger, under which the SPAC's shareholders will receive American Depositary Receipts of 4D.

It added the extension allows sufficient time for the satisfaction of the remaining conditions to the merger, including the filing of a registration statement allowing 4D to apply to admit its ADSs for trading on Nasdaq.

In October, 4D Pharma proposed a merger with Longevity, with the deal to result in Longevity shareholders holding 13% of the enlarged firm. The deal values 4D Pharma shares at at GBP1.10 each, totalling GBP144.5 million.

Shares in 4D Pharma were trading 2.6% lower at 94.11 pence each on Monday morning in London, giving it a market capitalisation of GBP123.7 million.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
4d pharma PLC

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures