Item 1.01 Entry Into a Material Definitive Agreement.
Business Combination Agreement
On
Apollomics is an innovative clinical-stage biopharmaceutical company focused on
the discovery and development of oncology therapies with the potential to be
combined with other treatment options to harness the immune system and target
specific molecular pathways to inhibit cancer. Apollomics currently has a
pipeline of nine drug candidates across multiple programs, six of which are
currently in the clinical stage of development. Apollomics' lead programs
include investigating its core product, APL-101, a potent, selective c-Met
inhibitor for the treatment of non-small cell lung cancer and other advanced
tumors with c-Met alterations, which is currently conducting a phase 2
multicohort clinical trial in
Apollomics Share Conversion and Share Split
Immediately prior to the Closing, (i) each Apollomics preferred share, par value
Each Apollomics option will also be adjusted such that each option will (i) have the right to acquire a number of Post-Closing Apollomics Class B Ordinary Shares equal to (as rounded down to the nearest whole number) the product of (A) the number of Apollomics Ordinary Shares which the option had the right to acquire immediately prior to the Share Split, multiplied by (B) the Exchange Ratio; and (ii) have an exercise price equal to (as rounded up to the nearest whole cent) the quotient of (A) the exercise price of the option immediately prior to the Share Split, divided by (B) the Exchange Ratio.
The "Exchange Ratio" is equal to 89.9 million Apollomics Ordinary Shares divided by the aggregate number of fully-diluted Apollomics shares (as further described in the Business Combination Agreement) immediately prior to the Share Split.
The Merger
The Business Combination Agreement provides that, among other things and upon the terms and subject to the conditions thereof, on the date of the closing of the Business Combination (the "Closing"), Merger Sub will merge with and into Maxpro, with Maxpro continuing as the surviving company (the "Merger"), as a result of which Maxpro will become a wholly-owned subsidiary of Apollomics.
Merger Consideration
Upon the Closing, (i) each then issued and outstanding share of Maxpro's Class B
common stock, par value
Each outstanding warrant to purchase Maxpro Class A Common Stock (each, a "Maxpro Warrant") will become a warrant of Apollomics to purchase Post-Closing Apollomics Class A Ordinary Shares, with each such warrant exercisable for the number of Post-Closing Apollomics Class A Ordinary Shares the holder of such Maxpro Warrant would have received in the Business Combination if it exercised such Maxpro Warrant immediately prior to the Business Combination.
Conditions to Closing
The Closing is subject to certain customary conditions, including, among other
things, (i) approval by Maxpro's stockholders of the Business Combination
Agreement, (ii) approval by Apollomics' shareholders of the Business Combination
Agreement, (iii) the effectiveness of a registration statement on Form F-4 (the
"Registration Statement") to be filed by Apollomics relating to the Business
Combination, which will contain a proxy statement of Maxpro in connection with
its solicitation for proxies for the vote by Maxpro's stockholders in connection
with the Business Combination and other matters as described in the Registration
Statement, (iv) the approval for listing on Nasdaq of the Apollomics Class A
Ordinary Shares to be issued in the Business Combination, (v) Maxpro having at
least
Apollomics' obligations under the Business Combination Agreement are also
subject to the condition that, as of immediately prior to the Closing, the
amount of cash available from (x) Maxpro's trust account, after deducting any
amounts required to satisfy Maxpro's obligations to its stockholders that
exercise their rights to redeem their shares of Maxpro Class A Common Stock
pursuant to Maxpro's second amended and restated certificate of incorporation
(but prior to the payment of any expenses relating to the Business Combination)
and (y) the aggregate proceeds from any PIPE Financing, is equal to at least
Covenants, Representations and Warranties
The parties to the Business Combination Agreement have made covenants that are
customary for transactions of this nature, including, among others, obligations
on (i) the parties to conduct, as applicable, their respective businesses in the
ordinary course and consistent with past practice through the Closing, (ii) the
parties to not initiate any negotiations or enter into any agreements for
certain alternative transactions, (iii) Apollomics to prepare and deliver to
Maxpro certain audited consolidated financial statements of Apollomics,
(iv) Apollomics and Maxpro to jointly prepare the Registration Statement, and
Apollomics to file the Registration Statement, and Maxpro to take certain other
actions for Maxpro to obtain the requisite approval of Maxpro stockholders of
certain proposals regarding the Business Combination, (v) Maxpro to exercise its
right to extend by three (3) months its deadline to complete its initial
business combination no later than
The parties to the Business Combination Agreement have made representations and warranties that are customary for transactions of this nature. The representations and warranties of the respective parties to the Business Combination Agreement generally will not survive the Closing.
Termination
The Business Combination Agreement may be terminated by either Apollomics or
Maxpro under certain circumstances, including, among others, (i) by written
consent of both Maxpro and Apollomics, (ii) by either Apollomics or Maxpro if
the Closing has not occurred by the earlier of
Item 7.01. Regulation FD Disclosure.
On
Attached as Exhibit 99.2 hereto and incorporated by reference herein is the
investor presentation, dated
Attached as Exhibit 99.3 hereto and incorporated by reference herein is the
transcript of a pre-recorded investor call discussing the Business Combination
that was released
Attached as Exhibit 99.4 hereto and incorporated by reference herein is a summary of certain risk factors that are applicable to the Business Combination and the business of Apollomics.
The information in this Item 7.01, including Exhibits 99.1 through 99.4, is furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of Maxpro or Apollomics under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. For the avoidance of doubt, each of Maxpro and Apollomics intends for this Form 8-K, including Exhibits 99.1 through 99.4, to satisfy the requirements of Rule 165(a) and Rule 425(a) under the Securities Act. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information of the information in this Item 7.01, including Exhibits 99.1 through 99.4.
Important Additional Information About the Business Combination and Where to Find It
In connection with the Business Combination, Apollomics intends to file the
Registration Statement with the
Participants in Solicitation
Maxpro and its directors and executive officers may be deemed participants in
the solicitation of proxies from its stockholders with respect to the Business
Combination. A list of the names of those directors and executive officers and a
description of their interests in Maxpro will be included in the proxy
statement/prospectus for the Business Combination when available at www.sec.gov.
Information about Maxpro's directors and executive officers and their ownership
of Maxpro's common stock is set forth in Maxpro's Annual Report on Form 10-K,
filed with the
Apollomics and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Maxpro in connection with the Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the Business Combination will be included in the Registration Statement when it becomes available.
Forward-Looking Statements
Certain statements in this Current Report on Form 8-K may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Apollomics' industry and market sizes, future opportunities for Apollomics and Maxpro, Apollomics' estimated future results and the Business Combination between Maxpro and Apollomics, including the implied enterprise value, the expected transaction and ownership structure and the likelihood, timing and ability of the parties to successfully consummate the Business Combination. Such forward-looking statements are based upon the current beliefs and expectations of Maxpro's and Apollomics' management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of Maxpro and Apollomics. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that,
while considered reasonable by Maxpro and its management and/or Apollomics and
its management, as the case may be, are inherently uncertain. Factors that may
cause actual results to differ materially from current expectations include, but
are not limited to: the inability to meet the closing conditions to the Business
Combination, including the occurrence of any event, change or other
circumstances that could give rise to the termination of the Business
Combination Agreement; the inability to complete the transactions contemplated
by the Business Combination Agreement due to the failure to obtain approval of
Maxpro's stockholders, the failure to achieve the Minimum Cash Condition
following any redemptions by Maxpro stockholders, or the failure to meet
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond the control of Maxpro and Apollomics. All information set forth herein speaks only as of the date hereof in the case of information about Maxpro and Apollomics or the date of such information in the case of information from persons other than Maxpro or . . .
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 2.1* Business Combination Agreement, dated as ofSeptember 14, 2022 , by and amongMaxpro Capital Acquisition Corp. ,Apollomics Inc. andProject Max SPAC Merger Sub, Inc. 10.1 Sponsor Support Agreement, dated as ofSeptember 14, 2022 , by and amongMaxpro Capital Acquisition Corp. ,Apollomics Inc. ,MP One Investment LLC and the individuals party thereto. 10.2 Company Shareholder Voting Agreement, dated as ofSeptember 14, 2022 , by and amongMaxpro Capital Acquisition Corp. ,Apollomics Inc. and certain shareholders party thereto. 10.3 Lock-Up Agreement, dated as ofSeptember 14, 2022 , byApollomics Inc. ,MP One Investment LLC and the individuals party thereto. 10.4 Form of Registration Rights Agreement. 99.1 Press Release, datedSeptember 14, 2022 . 99.2 Investor Presentation, datedSeptember 2022 . 99.3 Transcript of Webcast, posted onSeptember 14, 2022 . 99.4 Summary Risk Factors. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). Maxpro agrees to furnish supplementally a copy of all omitted exhibits and schedules to theSEC upon
its request.
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