8-K
filed March 16, 2023, 7:59 PM ET
CIK 0001839185
M&A
confidence high
sentiment neutral
materiality 0.90
Summit Healthcare Acquisition Corp.: M&A transaction — Summit Healthcare completes de-SPAC merger with YS Biopharma; shares begin trading March 17
Summit Healthcare Acquisition Corp.
- Business combination closed March 16, 2023; YS Biopharma Ordinary Shares and Warrants to trade under YS and YSBPW.
- 19,388,769 Summit Class A shares redeemed at ~$10.10/share, totaling ~$195.8M in redemptions.
- SPAC Class A exchange ratio of 1.4286; up to 1,708,497 YS Biopharma shares issued to non-redeeming holders.
- All Summit directors and officers resigned; Yi Zhang (YS Biopharma chairman) becomes sole director of surviving entity.
- Summit's securities delisted from Nasdaq; Form 25 filed; deregistration to follow.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Ken Poon departed as Director at Summit Healthcare Acquisition Corp..
- Action
- ceased
- Role
- Director
Exact text from the filing
each of Bo Tan, Ken Poon, Ian Stone, Thomas Folinsbee and Tao Bai ceased to be a director of Summit
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Bo Tan departed as Director at Summit Healthcare Acquisition Corp..
- Action
- ceased
- Role
- Director
Exact text from the filing
each of Bo Tan, Ken Poon, Ian Stone, Thomas Folinsbee and Tao Bai ceased to be a director of Summit
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Yi Zhang was appointed as Sole Director at Summit Healthcare Acquisition Corp..
- Action
- appointed
- Role
- Sole Director
Exact text from the filing
Mr. Yi Zhang, the chairman and director of YS Biopharma will serve as the sole director of Merger Sub II, the surviving entity after the Second Merger.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Ken Poon resigned as President, Co-Chief Investment Officer at Summit Healthcare Acquisition Corp..
- Action
- resigned
- Role
- President, Co-Chief Investment Officer
Exact text from the filing
Ken Poon resigned as President, Co-Chief Investment Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Ian Stone departed as Director at Summit Healthcare Acquisition Corp..
- Action
- ceased
- Role
- Director
Exact text from the filing
each of Bo Tan, Ken Poon, Ian Stone, Thomas Folinsbee and Tao Bai ceased to be a director of Summit
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Bo Tan resigned as Chief Executive Officer, Co-Chief Investment Officer at Summit Healthcare Acquisition Corp..
- Action
- resigned
- Role
- Chief Executive Officer, Co-Chief Investment Officer
Exact text from the filing
Bo Tan resigned as Chief Executive Officer, Co-Chief Investment Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Tao Bai departed as Director at Summit Healthcare Acquisition Corp..
- Action
- ceased
- Role
- Director
Exact text from the filing
each of Bo Tan, Ken Poon, Ian Stone, Thomas Folinsbee and Tao Bai ceased to be a director of Summit
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Thomas Folinsbee departed as Director at Summit Healthcare Acquisition Corp..
- Action
- ceased
- Role
- Director
Exact text from the filing
each of Bo Tan, Ken Poon, Ian Stone, Thomas Folinsbee and Tao Bai ceased to be a director of Summit
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Summit Healthcare Acquisition Corp. underwent a change of control involving YS Biopharma (closed 2023-03-16).
- Action
- change of control
- Counterparty
- YS Biopharma
- Closing
- 2023-03-16
Exact text from the filing
On March 16, 2023 (the “Closing Date”), pursuant to the Business Combination Agreement, immediately prior to the effective time of the First Merger (the “First Merger Effective Time”)
View on SEC.gov
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