UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
8-K
Current
Report
Pursuant to Section 13 or 15(d)
of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): July 12, 2024
ZURA BIO LIMITED
(Exact name of Registrant
as specified in its charter)
| Cayman Islands |
|
001-40598 |
|
98-1725736 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
1489 W. Warm Springs Rd. #110
Henderson,
NV 89014
(Address of principal executive
offices, including zip code)
(702) 825-9872
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| x | Written
communications pursuant to Rule 425 under the Securities Act |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange
on which registered |
| Class A Ordinary Shares, par value $0.0001 per share |
|
ZURA |
|
The
Nasdaq Stock Market LLC |
| Warrants,
each whole warrant exercisable for one Class A ordinary share for $11.50 per share |
|
ZURAW |
|
The
Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230A05 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
On July 12, 2024, Zura
Bio Limited, a Cayman Islands exempted company (the “Company”), announced the commencement of an exchange offer
(the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its outstanding (i) public
warrants that were issued in connection with its initial public offering to purchase Class A ordinary shares of the Company, par
value $0.0001 per share (the “Class A ordinary shares”), which warrants trade on The Nasdaq Capital Market under the
symbol “ZURAW” (the “public warrants”), and (ii) private placement warrants that were issued in connection
with its initial public offering to purchase Class A ordinary shares (the “private placement warrants” and, together
with the public warrants, the “IPO warrants”). The Company is offering to all holders of the IPO warrants the
opportunity to receive 0.30 Class A ordinary shares in exchange for each outstanding IPO warrant tendered by the holder and exchanged
pursuant to the Offer. Concurrently with the Offer, the Company is also soliciting consents from holders of the IPO warrants to
amend that certain warrant agreement, dated as of July 16, 2021, by and between the Company (as successor to JATT Acquisition Corp,
our predecessor and a Cayman Islands exempted company (“JATT”)) and Continental Stock Transfer & Trust Company
(“CST”), as warrant agent (the “Warrant Agreement”) to permit the Company to require that each warrant that
is outstanding upon the closing of the Offer be exchanged for 0.27 Class A ordinary shares, which is a ratio 10% less than the
exchange ratio applicable to the Offer. Pursuant to the terms of the Warrant Agreement, all except certain specified modifications
or amendments require the vote or written consent of holders of at least a majority of the outstanding public warrants and a
majority of the outstanding private placement warrants.
The Offer and Consent Solicitation are being made
pursuant to a prospectus/offer to exchange, dated July 11, 2024 (the “Prospectus/Offer to Exchange”), and Schedule TO, dated
July 12, 2024 (the “Schedule TO”). The Offer and Consent Solicitation will expire at 11:59 p.m., Eastern Time, on August 8,
2024, or such later time and date to which the Company may extend.
On July 12, 2024, the Company issued a press release
announcing the commencement of the Offer and Consent Solicitation. A copy of the press release is attached hereto as Exhibit 99.1 and
is incorporated herein by reference.
Important Additional Information Has Been Filed
with the SEC
Copies of the Schedule TO and Prospectus/Offer
to Exchange will be available free of charge at the website of the U.S. Securities and Exchange Commission (the “SEC”) at
www.sec.gov. Requests for documents may also be directed to Alliance Advisors at 1-844-717-2302 or via the following email address: zura@allianceadvisors.com.
A registration statement on Form S-4 relating to the securities to be issued in the Offer has been filed with the SEC but has not yet
become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes
effective.
This announcement is for informational purposes
only and shall not constitute an offer to purchase or a solicitation of an offer to sell the IPO warrants or an offer to sell or a solicitation
of an offer to buy any Class A ordinary shares in any state in which such offer, solicitation, or sale would be unlawful before registration
or qualification under the laws of any such state. The Offer and Consent Solicitation are being made only through the Schedule TO and
Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule
TO and Prospectus/Offer to Exchange.
Cautionary Statement Regarding Forward-Looking
Statements
This Current Report on Form 8-K contains forward-looking
statements within the meaning of the federal securities laws, including statements regarding the expected timing of the Offer and Consent
Solicitation. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,”
“plan,” “may,” “should,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement
is not forward-looking. Forward-looking statements are predictions, projections, and other statements about future events that are based
on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future
events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including, but not limited to those
described under the section entitled “Risk Factors” in the Company’s Registration Statement on Form S-4, filed with
the SEC on July 11, 2024, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which
are accessible on the SEC’s website at www.sec.gov.
New risks emerge from time to time. It is not
possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements
we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Current
Report on Form 8-K may not occur and actual results could differ materially and adversely from those anticipated.
Forward-looking statements speak only as of the
date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do
not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. We
do not give any assurance that we will achieve our expectations.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: July 12, 2024
| |
ZURA BIO LIMITED |
| |
|
|
| |
By: |
/s/ Kim Davis |
| |
Name: |
Kim Davis |
| |
Title: |
Chief Legal Officer |
Exhibit 99.1
Zura Bio Commences Warrant Exchange Offer and
Consent Solicitation
Henderson, NV, July 12, 2024 – Zura
Bio Limited (NASDAQ: ZURA) (“Zura Bio” or the “Company”), a clinical-stage immunology company developing novel
dual-pathway antibodies for autoimmune and inflammatory diseases, today announced that it has commenced an exchange offer (the “Offer”)
and consent solicitation (the “Consent Solicitation”) relating to its outstanding (i) public warrants that were issued in
connection with its initial public offering to purchase Class A ordinary shares of the Company, par value $0.0001 per share (the “Class
A ordinary shares”), which warrants trade on The Nasdaq Capital Market under the symbol “ZURAW” (the “public
warrants”), and (ii) private placement warrants that were issued in connection with its initial public offering to purchase Class
A ordinary shares (the “private placement warrants” and, together with the public warrants, the “IPO warrants”).
The purpose of the Offer and Consent Solicitation is to simplify the Company’s capital structure and reduce the potential dilutive
impact of the IPO warrants.
Exchange Offer and Consent Solicitation Relating to Warrants
The Company is offering to all holders of the
IPO warrants the opportunity to receive 0.30 Class A ordinary shares in exchange for each outstanding IPO warrant tendered by the
holder and exchanged pursuant to the Offer. Pursuant to the Offer, the Company is offering up to an aggregate of 3,842,999 Class A ordinary
shares in exchange for the IPO warrants.
Concurrently with the Offer, the Company is also
soliciting consents from holders of the IPO warrants to amend the warrant agreement that governs all of the IPO warrants (the “Warrant
Agreement”) to permit the Company to require that each warrant that is outstanding upon the closing of the Offer be exchanged for
0.27 Class A ordinary shares, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant
Amendment”). Pursuant to the terms of the Warrant Agreement, all except certain specified modifications or amendments require the
vote or written consent of holders of at least a majority of the outstanding public warrants and a majority of the private placement warrants.
Parties representing approximately 40.7% of the outstanding public warrants and 65.3% of the outstanding private placement warrants have
agreed to tender their IPO warrants in the Offer and to consent to the Warrant Amendment in the Consent Solicitation pursuant to a tender
and support agreement. Accordingly, if holders of an additional approximately 9.3% of the outstanding public warrants consent to the Warrant
Amendment in the Consent Solicitation, and the other conditions described herein are waived, then the Warrant Amendment will be adopted.
The offering period will continue until 11:59 p.m., Eastern Time, on August 8, 2024, or such later time and date to which the Company
may extend (the “Expiration Date”), as described in the Company’s Schedule TO and Prospectus/Offer to Exchange (each
as defined below). Tendered IPO warrants may be withdrawn by holders at any time prior to the Expiration Date.
The Offer and Consent Solicitation are being made
pursuant to a prospectus/offer to exchange, dated July 11, 2024 (the “Prospectus/Offer to Exchange”), and Schedule TO, dated
July 12, 2024 (the “Schedule TO”), each of which has been filed with the U.S. Securities and Exchange Commission (the “SEC”)
and more fully set forth the terms and conditions of the Offer and Consent Solicitation.
The Company’s Class A ordinary shares and
public warrants are listed on The Nasdaq Capital Market under the symbols “ZURA” and “ZURAW,” respectively. As
of July 10, 2024, there were (i) 63,746,453 Class A ordinary shares outstanding, and (ii) a total of 12,809,996 IPO warrants were outstanding,
including our public warrants and private placement warrants. Assuming all IPO warrant holders tender their IPO warrants for exchange
in the Offer, the Company would expect to issue up to 3,842,999 Class A ordinary shares, resulting in 67,589,452 Class A ordinary shares
outstanding (an increase of approximately 6%), and no public or private placement warrants outstanding.
The Company has engaged Cantor Fitzgerald &
Co. as the dealer manager for the Offer and Consent Solicitation (the “Dealer Manager”). Any questions or requests for assistance
concerning the Offer and Consent Solicitation may be directed to the Dealer Manager at (212) 915-1800 (toll-free).
Alliance Advisors has been appointed as the information
agent for the Offer and Consent Solicitation (the “Information Agent”), and Continental Stock Transfer & Trust Company
has been appointed as the exchange agent (the “Exchange Agent”). Any questions or requests for assistance concerning the Offer
and Consent Solicitation may be directed to the Information Agent at:
Alliance Advisors, LLC
200 Broadacres Drive, 3rd Floor
Bloomfield, New Jersey 07003
Call Toll Free: 1-844-717-2302
Email: zura@allianceadvisors.com
Important Additional Information Has Been Filed
with the SEC
Copies of the Schedule TO and Prospectus/Offer
to Exchange will be available free of charge at the website of the SEC at www.sec.gov. Requests for documents may also be directed to
the Information Agent at 1-844-717-2302 or via the following email address: zura@allianceadvisors.com. A registration statement on Form
S-4 relating to the securities to be issued in the Offer has been filed with the SEC but has not yet become effective. Such securities
may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This announcement is for informational purposes
only and shall not constitute an offer to purchase or a solicitation of an offer to sell the IPO warrants or an offer to sell or a solicitation
of an offer to buy any Class A ordinary shares in any state in which such offer, solicitation, or sale would be unlawful before registration
or qualification under the laws of any such state. The Offer and Consent Solicitation are being made only through the Schedule TO and
Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule
TO and Prospectus/Offer to Exchange.
Holders of the IPO warrants are urged to read
the Schedule TO and Prospectus/Offer to Exchange carefully before making any decision with respect to the Offer and Consent Solicitation
because they contain important information, including the various terms of, and conditions to, the Offer and Consent Solicitation.
None of the Company, any of its management or
its board of directors, or the Information Agent, the Exchange Agent, or the Dealer Manager makes any recommendation as to whether or
not holders of IPO warrants should tender IPO warrants for exchange in the Offer or consent to the Warrant Amendment in the Consent Solicitation.
About Zura Bio
Zura Bio is a clinical-stage,
multi-asset immunology company developing novel dual-pathway antibodies for autoimmune and inflammatory diseases. Currently, Zura Bio
is developing three assets which have completed Phase 1/1b studies and are Phase 2 ready. The company is developing a portfolio of therapeutic
indications for tibulizumab (ZB-106), ZB-168, and torudokimab (ZB-880), with a goal of demonstrating their efficacy, safety, and dosing
convenience in autoimmune and inflammatory diseases, including systemic sclerosis and other novel indications with unmet needs.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements
within the meaning of the federal securities laws, including statements regarding the expected timing of the Offer and Consent Solicitation.
These forward-looking statements generally are identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,”
“plan,” “may,” “should,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement
is not forward-looking. Forward-looking statements are predictions, projections, and other statements about future events that are based
on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future
events to differ materially from the forward-looking statements in this press release, including, but not limited to those described under
the section entitled “Risk Factors” in the Company’s Registration Statement on Form S-4, filed with the SEC on July
11, 2024, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible
on the SEC’s website at www.sec.gov.
New risks emerge from time to time. It is not
possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements
we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press
release may not occur and actual results could differ materially and adversely from those anticipated.
Forward-looking statements speak only as of the
date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do
not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. We
do not give any assurance that we will achieve our expectations.
CONTACT
Megan K. Weinshank
Head of Investor Relations
ir@zurabio.com
JATT Acquisition (NYSE:JATT)
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