Phytanix Bio, SPAC Company Chain Bridge I Enter Definitive Business Combination Agreement; Combined Company To Be Named Phytanix Inc.
Portfolio Pulse from Benzinga Newsdesk
Phytanix Bio and SPAC Company Chain Bridge I have entered a definitive business combination agreement. The combined company will be named Phytanix Inc. and is expected to be listed on Nasdaq under the ticker symbol 'PHYX' by Q4 2024. The transaction values Phytanix Bio at $58 million, with additional assumptions of $17 million in preferred stock and $4.4 million in short-term debt.
July 22, 2024 | 9:48 pm
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Chain Bridge I has entered a definitive business combination agreement with Phytanix Bio. The combined company will be named Phytanix Inc. and is expected to be listed on Nasdaq under the ticker symbol 'PHYX' by Q4 2024.
The business combination agreement is a significant event for Chain Bridge I, as it will result in the formation of a new company, Phytanix Inc., which will be listed on Nasdaq. This is likely to positively impact CBRG's stock price in the short term.
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