On November 2, 2022 Peak Bio Co., Ltd. ("Peak Bio"), a clinical-stage biopharmaceutical company focused on developing the next-generation of therapeutics to treat oncology and inflammatory diseases, reported the completion of its business combination (the "Business Combination") with Ignyte Acquisition Corp. (Nasdaq: IGNY) ("Ignyte"), a special purpose acquisition company (Press release, Peak Bio, NOV 2, 2022, View Source [SID1234622826]).
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The transaction was approved at a special meeting of Ignyte’s stockholders held on October 25, 2022 (the "Special Meeting"). Ignyte’s stockholders also voted to approve all other proposals presented at the Special Meeting. Ignyte’s Board of Directors had previously approved the business combination and recommended that its stockholders vote in favor of it and all of the proposals relating to the Business Combination.
The combined company will operate under the name "Peak Bio, Inc." (the "Combined Company") under the direction of Hoyoung Huh, M.D., Ph.D., founder and Chairman, and Stephen LaMond, PharmD, MBA, Chief Operating Officer. Commencing at the open of trading on or about November 2, 2022, on NASDAQ, the Combined Company’s common stock and public warrants will trade under the new trading symbols "PKBO" and "PKBOW," respectively.
"We believe that Peak Bio is now well positioned to succeed in the public markets and look forward to updating the entire investment community on our progress in our differentiated approach in both oncology and rare inflammatory diseases," said Hoyoung Huh, M.D., Ph.D., Chairman and founder of Peak Bio.