Antiviral nasal drop maker does the Nasdaq shuffle as part of minor SPAC reverse merger
Revelation Biosciences, a San Diego biotech working on antiviral nasal drops, will go public as part of a reverse merger with the Petra Acquisitions SPAC announced Tuesday.
The deal is for $73 million and comes after Revelation closed a $4.4 million Series A-1 in February. Once the transaction is completed, the newco valuation will be around $128 million. Revelation’s existing stockholders will own more than half — 54% — of the company. Revelation’s current CEO James Rolke will continue to lead the company, when the deal closes in Q4 of 2021. In a press release, he said:
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