NEW
YORK, Jan. 4, 2023 /PRNewswire/ -- Biotech
Acquisition Company (NASDAQ: BIOT) (the "Company"), a
publicly traded special purpose acquisition company, today
announced that in connection with a proposed extension (the
"Extension") of the time period the Company has to complete
an initial business combination, as described in the Proxy
Statement (as defined below), IREEM LLC, which has entered into an
agreement to acquire the current sponsor's interest in the Company
(as described in the Proxy Statement), will deposit into the
Company's trust account (the "Trust Account") for each
additional month the lesser of (i) an aggregate of $457,500 or (ii) $0.055 per share that remains outstanding and is
not redeemed in connection with the Extension.
The amount deposited per share will depend on the number of
public shares that remain outstanding after redemptions in
connection with the Extension and the length of the extension
period that will be needed to complete an initial business
combination.
If the Extension is implemented, the Company plans to maintain
the remaining amount in the Trust Account in an interest-bearing
demand deposit account at a bank.
The Company also notes that as it is a Cayman Islands exempted company, unless and
until it redomiciles into the United
States, it is not affected by the current uncertainty
surrounding excise tax liabilities and the implementation of the
Inflation Reduction Act of 2022.
About Biotech Acquisition
Company
Biotech Acquisition Company raised $230
million in its initial public offering in January 2021. The Class A ordinary shares and
warrants of the Company trade on the Nasdaq Capital Market under
the symbols "BIOT" and "BIOTW," respectively. The Company is a
blank check company, incorporated as a Cayman Islands exempted company, formed for
the purpose of effecting a merger, amalgamation, share exchange,
asset acquisition, share purchase, reorganization or other similar
business combination with one or more businesses.
Participants in the Solicitation
The Company and its directors and executive officers and other
persons may be deemed to be participants in the solicitation of
proxies from the Company's shareholders in respect of the
Extension. Information regarding the Company's directors and
executive officers is available in the final prospectus for the
Company's initial public offering filed with the Securities and
Exchange Commission (the "SEC"). Additional information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests are contained in
the Proxy Statement.
Additional Information
The Company has filed with the SEC a definitive proxy statement
(the "Proxy Statement") in connection with the extraordinary
general meeting of shareholders to approve the Extension. The
Company's shareholders and other interested persons are advised to
read the Proxy Statement and any other relevant documents that have
been or will be filed with the SEC in connection with the Company's
solicitation of proxies for the Meeting because these documents
will contain important information about the Company, the Extension
and related matters. Shareholders may also obtain a free copy of
the Proxy Statement, as well as other relevant documents that have
been or will be filed with the SEC, without charge, at the SEC's
website located at www.sec.gov or by directing a request
to Advantage Proxy, Inc., at (877) 870-8565 (toll free) or by email
at ksmith@advantageproxy.com.
Forward-Looking Statements
This press release and oral statements made from time to time by
representatives of the Company may include "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact included in this press release are forward-looking
statements. When used in this press release, words such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions, as
they relate to the Company or its management team, identify
forward-looking statements. Such forward-looking statements are
based on the beliefs of the Company's management, as well as
assumptions made by, and information currently available to, the
Company's management. Actual results could differ materially from
those contemplated by the forward-looking statements as a result of
certain factors detailed in the Company's filings with the SEC. All
subsequent written or oral forward-looking statements attributable
to the Company or persons acting on its behalf are qualified in
their entirety by this paragraph. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the final
prospectus for the Company's initial public offering filed with the
SEC. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/biotech-acquisition-company-announces-plan-for-new-sponsor-to-make-additional-contributions-to-trust-account-upon-approval-of-proposed-extension-amendment-301713915.html
SOURCE Biotech Acquisition Company
