AUM Biosciences merges with Mountain Crest Acquisition to become public company
The transaction reflects a pre-money equity value of $400 million for AUM Biosciences
AUM Biosciences and Mountain Crest Acquisition have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate under a holding entity to be formed as a Cayman Islands exempted company (Holdco) and intends to trade on the Nasdaq Stock Market under the ticker symbol AUMB. The transaction reflects a pre-money equity value of $400 million for AUM and is expected to close in the first quarter of 2023. The transaction is expected to provide approximately $69 million of cash held in Mountain Crest’s trust account, assuming no redemptions, a statement from AUM Bioscienes has notified.
It also said that AUM completed a $27 million Series A funding round in 2021, and since then has demonstrated sustained growth, while partnering with major pharma companies and securing other non-dilutive funding sources such as grants in support of its development activity.
Upon closing of the transaction, Vishal Doshi, CEO, AUM, will continue to lead Holdco as its CEO, the statement concluded.
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