ABPROBIO announced on the 22nd that its U.S. affiliate, ABPRO Corporation, has signed an agreement for a Nasdaq SPAC (Special Purpose Acquisition Company) listing. ABPRO has finalized the terms for a SPAC merger with the special purpose acquisition company Atlantic Coastal Acquisition Corp. II (hereinafter Atlantic). The Nasdaq listing is expected to take place in the first half of next year following the merger process.
This agreement includes mutual exclusive rights, and the merger definitive agreement and the S-4 registration statement will be submitted to the U.S. Securities and Exchange Commission (SEC) in October. With this agreement, ABPRO was valued at $725 million (9.628 billion KRW), reflecting the high evaluation of its existing pipeline and research achievements.
ABPRO had already submitted a registration statement for Nasdaq listing in 2018. The submission of the registration statement corresponds to the final stages of the Nasdaq listing process, indicating that ABPRO has already met the technical listing requirements for Nasdaq. The SEC review for this SPAC merger is also expected to pass smoothly.
An ABPROBIO official stated, “At the time in 2018, we voluntarily withdrew the listing based on the underwriter’s recommendation that it would be advantageous to pursue the listing after increasing the company’s valuation. Ultimately, it is very encouraging that the company has now been recognized with a valuation approaching 1 trillion KRW.”
He added, “This success reflects a re-evaluation achieved through various research and development outcomes related to anticancer drugs, including signing a large-scale joint development contract with Celltrion, among other achievements. We will accelerate the commercialization of bispecific antibodies by conducting global clinical trials on our pipeline using the funds raised through the listing,” he emphasized.
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