Prior to and in connection with the Annual Meeting, holders of 4,618,607 out of 5,061,592 shares of BCAC’s Common Stock exercised their right to redeem those shares for cash at a price of approximately $10.22 per share, for an aggregate of approximately $47.2 million, which was paid out of the Trust Account following the Closing (the “BCAC Shares Redemption”).
Pursuant to the terms and conditions of the Business Combination Agreement, because the cash proceeds from (i) the PIPE Investment, as actually received by BCAC prior to or substantially concurrently with the Closing from investors to the Trust Account or that were first introduced by BCAC or its representatives or (ii) as a result of public stockholders not redeeming shares reflecting cash maintained in the Trust Account (the “BCAC Related Funds Amount”) at Closing that were available to the Combined Company were less than $20,000,000, 436,021 of the Sponsor Shares were forfeited and cancelled at the Closing (the “Sponsor Shares Forfeiture”).
Immediately after the Closing and following the BCAC Shares Redemption, the Sponsor Shares Forfeiture and the issuance of 1,452,000 shares of the Company’s Common Stock to the PIPE Investors and 150,000 shares of the Company’s Common Stock to Lincoln Park, the Company had the following outstanding securities:
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21,445,035 shares of the Company’s Common Stock of which 18,151,571 are held by Legacy Apexigen Stockholders, 442,985 are held by former BCAC public stockholders, 1,248,479 are held by Brookline Capital Holdings, LLC, as BCAC’s sponsor, together with the BCAC IPO underwriter and certain of its employees, 1,452,000 are held by the PIPE Investors and 150,000 are held by Lincoln Park; |
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3,724,500 warrants, each exercisable for one share of the Company’s Common Stock at a price of $11.50 per share, of which 2,875,000 were originally Public Warrants of BCAC, 726,000 were originally PIPE Warrants and 123,500 were originally Private Placement Warrants; |
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4,321 shares of the Company’s Common Stock issuable upon the exercise of a Legacy Apexigen Warrant assumed from Legacy Apexigen as a result of the Business Combination; and |
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3,415,868 shares of the Company’s Common Stock issuable upon the exercise of the Legacy Apexigen Stock Options assumed from Legacy Apexigen as a result of the Business Combination. |
FORM 10 INFORMATION
Item 2.01(f) of Form 8-K states that if the predecessor registrant was a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as the Company was immediately before the Business Combination, then the registrant must disclose the information that would be required if the registrant were filing a general form for registration of securities on Form 10. As a result of the consummation of the Business Combination, the Company has ceased to be a shell company. Accordingly, the Company is providing the information below that would be included in a Form 10 if the Company were to file a Form 10. Please note that the information provided below relates to the Company after the consummation of the Business Combination and the transactions contemplated by the Business Combination Agreement, unless otherwise specifically indicated or the context otherwise requires.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this Current Report on Form 8-K constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements include statements about future financial and operating results of the Company; benefits of the Business Combination; statements about the plans, strategies and objectives of management for future operations of the Company; statements regarding future performance; and other statements regarding the Business Combination. Forward-looking statements reflect the Company’s current views with respect to, among other things, the Company’s capital resources and results of operations. In some cases, you can identify these forward-looking statements by the use of terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases.