(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
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