Better Therapeutics (NASDAQ:BTTX) stock is surging higher on Monday after completing its special purpose acquisition company (SPAC) merger with Mountain Crest Acquisition Corp II.
Let’s dive into all the info traders need to know about the Better Therapeutics SPAC merger below!
- Better Therapeutics closed its deal on Friday, which also saw its shares debut on the Nasdaq Exchange.
- This saw the MCAD stock ticker replaced by the new BTTX one.
- $70 million in gross proceeds came about from the SPAC merger.
- That includes $40 million held by Mountain Crest Acquisition and the rest from a private investment in a public equity (PIPE).
- Better Therapeutics plans to use the funds from the SPAC merger to advance its lead product.
- BT-001 is a treatment in development for type 2 diabetes.
- The company plans to move forward with “clinical trials and submission for marketing authorization by the U.S. Food and Drug Administration.”
- It also plans to use the funds for developing other treatments it has in the works.
Kevin Appelbaum, co-founder and CEO of Better Therapeutics, said the following of the SPAC merger.
“We envision a future where digital therapeutics are often the first prescription written in order to address the root causes of disease caused by patient behaviors. The completion of this transaction and the capital raised will be instrumental in helping our team lead the way in this transformation, beginning with cardiometabolic diseases.”
BTTX stock is heading 155.3% higher as of Monday morning.
There’s more stock market news to dive into below!
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