BioPlus Acquisition announces intention to liquidate

BioPlus Acquisition announced BIOS, Avertix Medical, Inc. and certain other parties have mutually agreed to terminate their previously announced business combination agreement and plan of reorganization, effective as of October 4, 2023 and it intends to liquidate as soon as practicable after October 4, 2023 and to return funds to holders of its Class A ordinary shares that were included in the units issued in the Company’s initial public offering. The Business Combination Agreement was dated as of May 2, 2023. The parties have signed an agreement terminating the Business Combination Agreement on mutually acceptable terms, which also makes void the ancillary documents to the Business Combination Agreement. In view of the termination of the Business Combination Agreement, BIOS determined that it would be unable to consummate an initial business combination within the time period in its Amended and Restated Memorandum and Articles of Association, as amended and BIOS intends to dissolve and liquidate in accordance with the provisions of its Charter. BIOS expects to redeem all of its Public Shares for an estimated redemption price of approximately $10.79 per share after the payment of taxes and dissolution expenses. Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after October 4, 2023. The Company’s sponsor has agreed to waive its redemption rights with respect to its outstanding Class B ordinary shares issued prior to the Company’s initial public offering and the Class A ordinary shares contained in the units issued in a private placement concurrent with the initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.