Tevogen Bio, a clinical-stage biotech company, announced on Thursday it plans to go public via a merger with special purpose acquisition company (SPAC) Semper Paratus Acquisition.
The merger, valued at about $1.2 billion, is expected to conclude in the fourth quarter of this year, at which point the merged company will be known as Tevogen Bio Holdings. Shares of the new entity will be listed in New York under the ticker symbol "TVGN."
SPACs, also known as "blank check companies," are shell corporations that are listed on a stock exchange with the explicit purpose of acquiring a private company. This process enables the private company to become publicly listed, bypassing the traditional IPO process and its extensive regulations.
