Tottenham Acquisition I Ltd. (TOTA) Shareholders Approve Clene Deal

Tottenham Acquisition I Ltd. (NASDAQ:TOTA) announced in an 8-K filing that its shareholders approved its combination with biopharmaceutical firm Clene Nanomedicine Inc. at a special meeting earlier today.

The transaction was approved unanimously with 92.3% of shares participating, however Tottenham did not divulge redemption figures in the filing. The company went into the vote with an estimated $11.02 per share in trust and previously saw 58.6% of its shares redeemed through a series of extension votes. But, having opened ahead of the vote at $11.88, any further redemptions were likely limited.

Tottenham initially announced its $542 million combination with Clene Nanomedicine on September 2. Clene has developed a novel orally administered drug platform that could potentially treat multiple sclerosis, Parkinson’s disease, and ALS, with one Phase 3 trial and multiple Phase 2 clinical studies ongoing. It is also launching two additional Phase 2 COVID-19 studies with a second nanotherapeutic asset, CNM-ZnAg, in Brazil and Russia.

Several measures up for a vote at the meeting passed unanimously, however 131,903 shares voted against a number of proposed amendments to the combined company’s charter. For a full list of measures on the ballot as well as vote tallies, click HERE.