Biotech Acquisition Company (NASDAQ: BIOT) ("BAC"), a publicly traded special purpose acquisition company affiliated with SPRIM Global Investments, and Blade Therapeutics, Inc. ("Blade"), a biopharmaceutical company based in South San Francisco, Calif., today announced that they have mutually agreed to terminate the previously announced Agreement and Plan of Merger (the "Merger Agreement"), effective immediately.
As required by Cayman Islands law, BAC will convene the previously postponed extraordinary general meeting of shareholders on Tuesday, June 14, 2022, at 9:00 AM Eastern Time. As previously announced, the extraordinary general meeting will occur at the offices of Ellenoff Grossman and Schole LLP located at 1345 Avenue of the Americas, 11th Floor, New York, New York, 10105 and virtually via live webcast at https://www.cstproxy.com/biotechacquisition/2022.
As a result of the termination of the Merger Agreement, at the extraordinary general meeting, BAC intends that none of the proposed resolutions to approve the Merger Agreement and the related resolutions will be put forward for consideration and approval by BAC's shareholders and that the extraordinary general meeting will be adjourned indefinitely. In light of the termination of the Merger Agreement, the proposed business combination will not be concluded and any ordinary shares submitted for redemption will not be redeemed at this time and will be returned to the respective holder, broker or bank in the manner described in the definitive proxy statement for the extraordinary general meeting. BAC intends to continue to pursue the consummation of a business combination with an appropriate target. Additional information about the termination of the Business Combination will be provided in a Current Report on Form 8-K to be filed by BAC with the SEC and available at www.sec.gov.
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