---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-279194"
form_type: "8-K"
ticker: "OABI"
cik: "0001846253"
company_name: "OmniAb, Inc."
filed_at: "2022-11-07T23:59:59+00:00"
generated_at: "2026-06-22T05:56:48.456837+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# OmniAb completes business combination with Avista Public Acquisition Corp. II, begins trading on Nasdaq

## Summary
- Business combination closed on Nov 1, 2022; APAC domesticated as OmniAb, Inc. (DE) and merged with Legacy OmniAb.
- Redemption of 21.7M APAC shares at ~$10.32/share consumed $224M from trust; remaining ~$13.3M transferred to OmniAb.
- Sponsor purchased 10.2M shares and 3.1M warrants for $101.7M via Forward Purchase and Redemption Backstop.
- Legacy OmniAb shareholders received 82.6M OmniAb shares + 15M earnout shares; earnout vests at $12.50 and $15.00 VWAP.
- OmniAb common stock (OABI) and warrants (OABIW) started trading on Nasdaq on Nov 2, 2022.

## SEC filing metadata
- accession: 0001193125-22-279194
- form_type: 8-K
- ticker: OABI
- cik: 0001846253
- company_name: OmniAb, Inc.
- filed_at: 2022-11-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 5.06, 3.02, 3.03, 5.03, 5.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1846253/000119312522279194/0001193125-22-279194-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1846253/000119312522279194/d305922d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-279194
- JSON: https://secwatch.observer/filing/0001193125-22-279194.json
- Plain text: https://secwatch.observer/filing/0001193125-22-279194.txt

## Key facts
- Governance Changes
  OmniAb, Inc.: Company ceased being a shell company due to business combination.
  - Change: shell status
  source text: As a result of the Business Combination, the Company ceased being a shell company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1846253/000119312522279194/0001193125-22-279194-index.htm
- M&A Transactions
  OmniAb, Inc. underwent a change of control involving Ligand Pharmaceuticals Incorporated for Each share of Legacy OmniAb common stock converted into 4.90007 shares of OmniAb common stock and 0.75842 earnout shares. (closed 2022-11-01).
  - Action: change of control
  - Counterparty: Ligand Pharmaceuticals Incorporated
  - Consideration: Each share of Legacy OmniAb common stock converted into 4.90007 shares of OmniAb common stock and 0.75842 earnout shares.
  - Closing: 2022-11-01
  source text: upon the consummation of the Merger, each outstanding share of Legacy OmniAb Common Stock (other than treasury shares) was cancelled in exchange for the right to receive 4.90007 shares of OmniAb Common Stock and 0.75842 shares of OmniAb Common Stock subject to certain price-based earnout triggers (the “Earnout Shares”). In addition, all outstanding Legacy
  evidence_url: https://www.sec.gov/Archives/edgar/data/1846253/000119312522279194/0001193125-22-279194-index.htm
- M&A Transactions
  OmniAb, Inc. completed an acquisition involving Ligand Pharmaceuticals Incorporated for Each share of Legacy OmniAb common stock converted into 4.90007 shares of OmniAb common stock and 0.75842 earnout shares. (closed 2022-11-01).
  - Action: acquisition
  - Counterparty: Ligand Pharmaceuticals Incorporated
  - Consideration: Each share of Legacy OmniAb common stock converted into 4.90007 shares of OmniAb common stock and 0.75842 earnout shares.
  - Closing: 2022-11-01
  source text: upon the consummation of the Merger, each outstanding share of Legacy OmniAb Common Stock (other than treasury shares) was cancelled in exchange for the right to receive 4.90007 shares of OmniAb Common Stock and 0.75842 shares of OmniAb Common Stock subject to certain price-based earnout triggers (the “Earnout Shares”). In addition, all outstanding Legacy
  evidence_url: https://www.sec.gov/Archives/edgar/data/1846253/000119312522279194/0001193125-22-279194-index.htm
- Material Agreements
  OmniAb, Inc. entered into Agreement and Plan of Merger with APAC, Orwell Merger Sub Inc., Ligand, Legacy OmniAb (effective 2022-03-23).
  - Action: entry
  - Agreement: merger
  - Counterparty: APAC, Orwell Merger Sub Inc., Ligand, Legacy OmniAb
  - Effective: 2022-03-23
  source text: APAC entered into the Agreement and Plan of Merger (the “Merger Agreement”), dated as of March 23, 2022, by and among APAC, Orwell Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of APAC (“Merger Sub”), Ligand and Legacy OmniAb
  evidence_url: https://www.sec.gov/Archives/edgar/data/1846253/000119312522279194/0001193125-22-279194-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.