Financial Strategies Acquisition Corp. to go Public via Austin Biosciences SPAC Merger for ~$166.3M
Shots:
- Austin's shareholders will receive ~12.5M shares of FXCO's Class A common stock in exchange for all of the capital stock of Austin, a Texas biotechnology platform company & the market capitalization of the combined companies will be ~$166.3M, if no FXCO shareholders elect to redeem their share. The transaction is expected to close in Q2’23
- The current shareholders of Austin will hold ~75% of the issued & outstanding shares of the combined companies. Austin Biosciences will become a wholly-owned subsidiary of the company while the company's common stock is expected to be listed on the Nasdaq under the ticker symbol "ASTN"
- Austin’s product pipeline focuses on improving already-approved drugs from the chemical group of taxanes to treat multiple cancers
Ref: PRNewswire | Image: Financial Strategies Acquisition
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