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Locust Walk Acquisition Corp. (NASDAQ:LWAC) ("LWAC" or the "Company"), a special purpose acquisition company, announced today that the Company's stockholders have approved all proposals related to the previously announced business combination (the "Business Combination") with eFFECTOR Therapeutics, Inc. ("eFFECTOR") at a special meeting of stockholders held on August 24, 2021. Approximately 93.2% of the votes cast at the meeting on the Business Combination proposal, representing approximately 71.7% of LWAC's outstanding shares, voted to approve the Business Combination.
LWAC stockholders also voted overwhelmingly to approve the other proposals at the special meeting.
The Business Combination is expected to close on or about Wednesday, August 25, 2021. Upon closing, the combined company expects that its common stock and public warrants will commence trading on Nasdaq under the new trading symbols "EFTR" and "EFTRW," respectively, starting on or about Thursday, August 26, 2021.
LWAC received elections to redeem approximately 17.0 million of its outstanding shares, which will leave approximately $5.2 million in its trust account. Combined with the $60.7 million in expected gross proceeds from a concurrent private placement, there will be approximately $65.9 million of total cash proceeds from the transaction. As a result, eFFECTOR has waived the requirement that the total cash proceeds equal or exceed $100.0 million. There will be approximately $53.5 million of net cash available to the combined company from the transaction, after deducting transaction fees and expenses.
eFFECTOR expects that the net cash following the transaction will allow it to readout topline data from the ongoing Phase 2b KICKSTART trial evaluating tomivosertib in combination with pembrolizumab in patients with metastatic non-small cell lung cancer ("NSCLC"), as well as readout initial overall response rate ("ORR") data from the ongoing Phase 2a dose expansion cohorts evaluating zotatifin in patients with certain biomarker-positive solid tumors, including ER+ breast cancer and KRAS-mutant NSCLC.
Posted In: LWAC
