Jaguar Health, Inc (NASDAQ:JAGX) continues to move higher and extending its week long rebound.
Market Action
As of 11:15, JAGX stock surged 15 cents or 8.35% to $1.96 with more than 18.50 million shares, compared to its average volume of 10.88 million shares. The stock has moved within a range of $ 1.7200 – 1.9700 after opening the trade at $1.839.
Jaguar Health & Dragon SPAC Announce Initial Funding of US$10.8 Million into Dragon SPAC
- announced the initial funding of the private financing of Dragon SPAC, which has named as its target Napo EU S.p.A. (“Napo EU”). Dragon SPAC and Napo Pharmaceuticals, Inc. (“Napo Pharma”), Jaguar’s wholly-owned U.S. subsidiary, have entered into an agreement, pursuant to which Dragon SPAC will issue units (“Units”) to Napo Pharma in a private placement for cash consideration of approximately US$10.8 million, with proceeds of such financing to be used in part for Dragon SPAC’s contemplated business combination (the “Merger”) with Napo EU.
- Each Unit consists of one ordinary share of Dragon SPAC and one warrant. Each warrant will entitle the holder thereof to purchase one ordinary share at an exercise price of EUR 10 per ordinary share at any time prior to the earlier of (i) the 10-year anniversary of the consummation of the Merger and (ii) the five-year anniversary of the listing of the combined Napo EU/Dragon SPAC entity resulting from the Merger (the “Combined Company”) on a public exchange. The private financing is expected to close around the end of Q2 2021, subject to certain conditions including the concurrent closing of the Merger and completion of customary items.
 Extends Rally){kind=link}