1046-00001 · Helix Bio Therapeutics Inc · Closing

closing-checklist.xlsx DOCUMENT M&A / Corporate

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[sheet: Cover]

Field	Value
Matter	De-SPAC Business Combination — Helix Bio Therapeutics Inc. / Pinnacle Venture Acquisition Corp.
Prepared By	Calderwood & Harkness LLP, One Federal Street, 42nd Floor, Boston, MA 02110
Responsible Partner	Sandra Tung
Billing Partner	Oliver Mackenzie
Lead Associate	Ryan Kowalski
Working Associate	Megan Chu
Client	Helix Bio Therapeutics Inc.
Client Address	450 Kendall Street, Suite 800, Cambridge, MA 02142
Acquiror	Pinnacle Venture Acquisition Corp.
Acquiror Address	101 Park Avenue, 34th Floor, New York, NY 10178
Merger Sub	Pinnacle Merger Sub Inc.
Post-Closing Parent	Helix Bio Therapeutics Holdings Inc. (Nasdaq: HBIO)
BCA Execution Date	March 22, 2023
Scheduled Closing Date	June 15, 2023
Actual Closing Date	June 20, 2023
Governing Law	State of Delaware (DGCL)
Counsel to PVAC/Sponsor	Hargrove Slater & Dunn LLP — Nathan Dorsey / Allison Park
SEC File No. (S-4)	333-271498
PVAC CIK	0001893742
Checklist Version	Final — As of Closing (June 20, 2023)
Status Legend	Complete / Pending / Waived / N/A

[sheet: Closing Checklist]

Item No.

CATEGORY 1: TRANSACTION AGREEMENTS

1.1	Transaction Agreements	Business Combination Agreement, dated as of March 22, 2023, among Pinnacle Venture Acquisition Corp., Pinnacle Merger Sub Inc., and Helix Bio Therapeutics Inc. — Execution Version	Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	2023-03-22	2023-03-22	Complete	Executed by all parties. Governs forward merger of Merger Sub with and into HBT; HBT surviving as wholly owned subsidiary of PVAC. Deal value: $40,000,000; merger consideration: 4,000,000 shares at $10.00/share deemed value.
1.2	Transaction Agreements	Sponsor Support Agreement — Pinnacle Venture Sponsor LLC	Hargrove Slater & Dunn LLP	2023-03-22	2023-03-22	Complete	Executed March 22, 2023 by Derek Holroyd and Samantha Briggs (Managing Members). Sponsor votes Class B shares in favor of Business Combination; forfeits 375,000 of 1,250,000 founder shares (30%); retains 875,000 shares; 12-month post-closing lock-up (early release if HBIO ≥ $12.00 for 20 of 30 trading days after 150 days post-closing); waiver of anti-dilution and redemption rights.
1.3	Transaction Agreements	PIPE Subscription Agreement — Brindoval Capital Management, LP	Calderwood & Harkness LLP	2023-03-22	2023-03-22	Complete	Executed by Thomas Yeung, Managing Partner. 1,500,000 shares of PVAC Class A common stock at $10.00/share; aggregate commitment $15,000,000. Funding concurrent with closing.
1.4	Transaction Agreements	PIPE Subscription Agreement — Lakepoint Health Opportunities Fund, LP	Calderwood & Harkness LLP	2023-03-22	2023-03-22	Complete	Executed by Diana Strickland, Principal. 500,000 shares of PVAC Class A common stock at $10.00/share; aggregate commitment $5,000,000. Funding concurrent with closing.
1.5	Transaction Agreements	Lock-Up Agreement (form attached as exhibit to BCA)	Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Executed at closing by former HBT equityholders and Sponsor.
1.6	Transaction Agreements	Registration Rights Agreement	Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Executed at closing; covers resale registration for former HBT equityholders, Sponsor, and PIPE investors.
1.7	Transaction Agreements	Amended and Restated Certificate of Incorporation of Helix Bio Therapeutics Holdings Inc. (f/k/a Pinnacle Venture Acquisition Corp.)	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Filed with Delaware Secretary of State at closing. Reflects re-domestication and name change.
1.8	Transaction Agreements	Amended and Restated Bylaws of Helix Bio Therapeutics Holdings Inc.	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Adopted at closing.

CATEGORY 2: CORPORATE APPROVALS

2.1	Corporate Approvals	PVAC Board of Directors — Resolution approving the Business Combination Agreement and related transactions	Hargrove Slater & Dunn LLP	2023-03-20	2023-03-20	Complete	Approved March 20, 2023. Board members: Derek Holroyd, Samantha Briggs, Robert Tannenbaum, Julia Greenfield.
2.2	Corporate Approvals	HBT Board of Directors — Resolution approving the Business Combination Agreement and related transactions	Calderwood & Harkness LLP	2023-03-21	2023-03-21	Complete	Approved March 21, 2023. Board members: Dr. Priya Nandakumar (Chair & CEO), Dr. James Whitfield (CSO), Catherine Alcott (Ridgeline designee), Marcus Leung (Northbridge designee), Dr. Elena Vasquez (Independent).
2.3	Corporate Approvals	Pinnacle Merger Sub Inc. — Board resolution and sole stockholder (PVAC) written consent approving the merger	Hargrove Slater & Dunn LLP	2023-03-22	2023-03-22	Complete	Merger Sub incorporated February 14, 2023 in Delaware; EIN 92-1187453. Sole purpose entity for effecting the merger.
2.4	Corporate Approvals	PVAC Special Meeting of Shareholders — Approval of Business Combination, re-domestication, and related proposals	Hargrove Slater & Dunn LLP / Aldridge Proxy Advisors LLC	2023-06-13	2023-06-13	Complete	Special meeting held June 13, 2023. Record date: May 22, 2023. Proxy mailing date: May 24, 2023. Proxy solicitor: Aldridge Proxy Advisors LLC (Patrick Moran). All proposals approved.
2.5	Corporate Approvals	HBT Written Consent of Stockholders — Approval of Business Combination Agreement and merger	Calderwood & Harkness LLP	2023-03-22	2023-03-22	Complete	Written consent obtained from holders of majority of outstanding HBT shares: Ridgeline Ventures Fund III, LP (34.2%), Northbridge Life Sciences Partners, LP (22.8%), Dr. Priya Nandakumar (14.6%), Dr. James Whitfield (9.1%).

CATEGORY 3: REGULATORY FILINGS AND SEC MATTERS

3.1	SEC / Regulatory	Registration Statement on Form S-4 — Initial filing with SEC	Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	2023-04-07	2023-04-07	Complete	Filed April 7, 2023. File No. 333-271498; CIK 0001893742.
3.2	SEC / Regulatory	SEC Staff Comment Letter — Received and reviewed	Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	2023-04-28	2023-04-28	Complete	Comment letter dated April 28, 2023. Comments addressed dilution from Sponsor founder shares and warrants (2,500,000 warrants at $11.50 strike), earnout milestones, redemption scenarios, background of transaction, pro forma financials, and risk factors.
3.3	SEC / Regulatory	Response to SEC Comment Letter	Calderwood & Harkness LLP	2023-05-10	2023-05-10	Complete	Response letter dated May 10, 2023, filed on behalf of PVAC.
3.4	SEC / Regulatory	Amendment No. 1 to Form S-4	Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	2023-05-12	2023-05-12	Complete	Filed May 12, 2023 incorporating responsive changes.
3.5	SEC / Regulatory	Form S-4 declared effective by SEC	SEC	2023-05-19	2023-05-19	Complete	Effective May 19, 2023.
3.6	SEC / Regulatory	Definitive Proxy Statement / Prospectus — Mailing to PVAC shareholders	Aldridge Proxy Advisors LLC / Hargrove Slater & Dunn LLP	2023-05-24	2023-05-24	Complete	Mailed May 24, 2023 to shareholders of record as of May 22, 2023.
3.7	SEC / Regulatory	Form 8-K (Super 8-K) — Report of closing of Business Combination	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Filed June 20, 2023 reporting consummation of Business Combination.
3.8	SEC / Regulatory	HSR Act Filing	N/A	N/A	No Hart-Scott-Rodino filing required; transaction does not meet HSR thresholds and biotech target has no overlapping products with SPAC shell.

CATEGORY 4: RE-DOMESTICATION AND FORMATION DOCUMENTS

4.1	Re-Domestication	PVAC De-Registration from Cayman Islands — Filing with Cayman Islands Registrar	Hargrove Slater & Dunn LLP	2023-06-15	2023-06-15	Complete	PVAC originally incorporated March 3, 2021 in Cayman Islands as exempted company. De-registration effective June 15, 2023.
4.2	Re-Domestication	PVAC Certificate of Domestication and Certificate of Incorporation — Filed with Delaware Secretary of State	Hargrove Slater & Dunn LLP	2023-06-15	2023-06-15	Complete	Re-domestication to Delaware effective June 15, 2023. PVAC becomes Delaware corporation. Registered Agent: Cascade Systems, 160 Greentree Drive, Suite 101, Dover, DE 19904.
4.3	Re-Domestication	Name Change — PVAC renamed Helix Bio Therapeutics Holdings Inc.	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Effected via Amended and Restated Certificate of Incorporation at closing.

CATEGORY 5: MERGER FILINGS

5.1

CATEGORY 6: NASDAQ LISTING

6.1	Nasdaq	Nasdaq Listing Application for post-combination entity	Hargrove Slater & Dunn LLP	2023-06-15	2023-06-15	Complete	Application No. HBIO-2023-0615. Post-closing ticker: HBIO.
6.2	Nasdaq	Nasdaq approval of listing of HBIO common stock and warrants	Nasdaq	2023-06-19	2023-06-19	Complete	Listing approved. First trading day: June 21, 2023.
6.3	Nasdaq	Delisting of PVAC units (PVAC.U), Class A shares (PVAC), and warrants (PVAC.W)	Nasdaq / Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Effective upon closing.

CATEGORY 7: TRUST AND FUNDING

7.1	Trust / Funding	Trust Disbursement Letter to Grandview Trust Company, N.A.	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Grandview Trust Company, N.A., 388 Greenwich Street, New York, NY 10013. Instructs release of trust account balance of $51,247,813.55.
7.2	Trust / Funding	Shareholder Redemptions — Payment to redeeming PVAC Class A shareholders	Grandview Trust Company, N.A.	2023-06-20	2023-06-20	Complete	2,814,390 of 5,000,000 Class A shares redeemed at ~$10.25/share. Total redemption payments: $28,847,497.50.
7.3	Trust / Funding	Release of remaining trust proceeds to combined company	Grandview Trust Company, N.A.	2023-06-20	2023-06-20	Complete	Trust proceeds post-redemption: $51,247,813.55 − $28,847,497.50 = $22,400,316.05 released to combined company.
7.4	Trust / Funding	PIPE Funding — Brindoval Capital Management, LP ($15,000,000)	Brindoval Capital Management, LP	2023-06-20	2023-06-20	Complete	1,500,000 shares at $10.00/share. Wire received. Contact: Thomas Yeung, Managing Partner, 600 Montgomery Street, Suite 2800, San Francisco, CA 94111.
7.5	Trust / Funding	PIPE Funding — Lakepoint Health Opportunities Fund, LP ($5,000,000)	Lakepoint Health Opportunities Fund, LP	2023-06-20	2023-06-20	Complete	500,000 shares at $10.00/share. Wire received. Contact: Diana Strickland, Principal, 399 Park Avenue, 18th Floor, New York, NY 10022.
7.6	Trust / Funding	Verification of Minimum Cash Condition (BCA §7.03(c))	Calderwood & Harkness LLP	2023-06-20	2023-06-20	Complete	Minimum cash condition: ≥ $30,000,000. Actual net cash at closing: $36,400,316.05. Condition satisfied. Calculation: Trust post-redemption ($22,400,316.05) + PIPE ($20,000,000) − Est. Transaction Expenses ($6,000,000) = $36,400,316.05.
7.7	Trust / Funding	Funds Flow Memorandum — executed by all parties	Calderwood & Harkness LLP	2023-06-20	2023-06-20	Complete	Governs disbursement of all closing funds including trust proceeds, PIPE proceeds, and payment of transaction expenses.

CATEGORY 8: TRANSACTION EXPENSE PAYMENTS

8.1	Transaction Expenses	Deferred Underwriting Commission — Birchwood Partners LLC	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	$1,750,000 (3.5% of $50,000,000 IPO proceeds). Birchwood Partners LLC, 200 West 57th Street, Suite 1400, New York, NY 10019.
8.2	Transaction Expenses	Advisory Fee — Birchwood Partners LLC	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	$500,000 flat advisory fee. Graham Hollis, Managing Director.
8.3	Transaction Expenses	Advisory Fee — Calvert & Wren Advisory LLC	Calderwood & Harkness LLP	2023-06-20	2023-06-20	Complete	$750,000 flat advisory fee payable at closing. Rachel Dominguez, Senior Managing Director. 100 Summer Street, Suite 2200, Boston, MA 02110.
8.4	Transaction Expenses	Legal Fees — Calderwood & Harkness LLP (counsel to HBT)	Calderwood & Harkness LLP	2023-06-20	2023-06-20	Complete	Estimated $1,200,000. One Federal Street, 42nd Floor, Boston, MA 02110.
8.5	Transaction Expenses	Legal Fees — Hargrove Slater & Dunn LLP (counsel to PVAC/Sponsor)	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Estimated $950,000. 575 Lexington Avenue, 20th Floor, New York, NY 10022.
8.6	Transaction Expenses	D&O Tail Policy Premium — Ridgepoint Specialty Insurance Company	Calderwood & Harkness LLP	2023-06-20	2023-06-20	Complete	$485,000. Policy No. RSI-DOT-2023-04871. Six-year tail D&O policy.
8.7	Transaction Expenses	SEC Filing, Printing, Proxy Solicitation, and Miscellaneous Costs	Various	2023-06-20	2023-06-20	Complete	Estimated $365,000. Includes SEC filing fees, financial printer, Aldridge Proxy Advisors LLC fees, and other misc.
8.8	Transaction Expenses	Total Estimated Transaction Expenses	Complete	$6,000,000 (sum of Items 8.1–8.7: $1,750,000 + $500,000 + $750,000 + $1,200,000 + $950,000 + $485,000 + $365,000).

CATEGORY 9: THIRD-PARTY CONSENTS AND NOTICES

9.1	Consents / Notices	Consent to Assignment — Exclusive License Agreement with Regents of Graystone University (License No. GU-2019-0914-HBT, dated September 14, 2019)	Calderwood & Harkness LLP / HBT	2023-06-15	2023-05-30	Complete	Change-of-control consent required under license agreement for HBT-301 gene-editing platform IP. Consent obtained May 30, 2023.
9.2	Consents / Notices	Notice to Meridian Pharmaceuticals Inc. — Collaboration and Option Agreement (Ref. MPI-COA-2021-0308, dated March 8, 2021)	Calderwood & Harkness LLP / HBT	2023-04-07	2023-04-03	Complete	No change-of-control consent required; notice of change of control required and delivered April 3, 2023. Relates to HBT-502 preclinical compound.
9.3	Consents / Notices	Landlord Consent — Kendall Square Properties Trust (Lease No. KSP-2020-0800)	Calderwood & Harkness LLP / HBT	2023-06-15	2023-06-05	Complete	Lease: 450 Kendall Street, Suite 800, Cambridge, MA 02142. 10-year lease commenced January 1, 2020. 18,400 RSF at $62.00/RSF; annual base rent $1,140,800. Landlord consent to assignment obtained June 5, 2023.

CATEGORY 10: OFFICER CERTIFICATES AND CLOSING CERTIFICATES

10.1	Closing Certificates	Officer's Certificate of HBT — Bring-down of representations and warranties; satisfaction of closing conditions	Calderwood & Harkness LLP / HBT	2023-06-20	2023-06-20	Complete	Executed by Dr. Priya Nandakumar, CEO of HBT.
10.2	Closing Certificates	Officer's Certificate of PVAC — Bring-down of representations and warranties; satisfaction of closing conditions	Hargrove Slater & Dunn LLP / PVAC	2023-06-20	2023-06-20	Complete	Executed by Derek Holroyd, CEO of PVAC.
10.3	Closing Certificates	Secretary's Certificate of HBT — Attaching certificate of incorporation, bylaws, board resolutions, stockholder approval, and good standing certificate	Calderwood & Harkness LLP / HBT	2023-06-20	2023-06-20	Complete	HBT incorporated June 12, 2018 in Delaware. EIN: 83-2947156. Registered Agent: CT Statutory Services, 1209 Orange Street, Wilmington, DE 19801.
10.4	Closing Certificates	Secretary's Certificate of PVAC — Attaching organizational documents, board resolutions, stockholder approval, and good standing certificate	Hargrove Slater & Dunn LLP / PVAC	2023-06-20	2023-06-20	Complete	PVAC EIN: 87-1630284.
10.5	Closing Certificates	Good Standing Certificate — HBT from Delaware Secretary of State	Calderwood & Harkness LLP	2023-06-20	2023-06-19	Complete	Dated within 5 business days of closing.
10.6	Closing Certificates	Good Standing Certificate — PVAC (post-re-domestication) from Delaware Secretary of State	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-19	Complete	Dated within 5 business days of closing.

CATEGORY 11: LEGAL OPINIONS

11.1	Legal Opinions	Legal Opinion of Calderwood & Harkness LLP (counsel to HBT) delivered to PVAC	Calderwood & Harkness LLP	2023-06-20	2023-06-20	Complete	Opines: (i) HBT duly organized, validly existing, good standing under DE law; (ii) requisite corporate power and authority; (iii) BCA and ancillary agreements duly authorized, executed, delivered; legal, valid, binding obligations; (iv) no violation of charter, bylaws, or DE law. Subject to customary assumptions, qualifications, and limitations.
11.2	Legal Opinions	Legal Opinion of Hargrove Slater & Dunn LLP (counsel to PVAC) delivered to HBT	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Opines as to due organization, authority, and enforceability of BCA for PVAC and Merger Sub. Subject to customary qualifications.

CATEGORY 12: INSURANCE

12.1

CATEGORY 13: TRANSFER AGENT AND STOCK ISSUANCES

13.1	Transfer Agent / Stock	Engagement of Transfer Agent — Adriatic Health IT of Delaware, Inc.	Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	1 Ashbury Asset Advisors, 30th Floor, New York, NY 10004. Serves as transfer agent for Helix Bio Therapeutics Holdings Inc. common stock post-closing.
13.2	Transfer Agent / Stock	Issuance of Merger Consideration Shares to former HBT equityholders	Continental Stock Transfer & Trust Co. of DE	2023-06-20	2023-06-20	Complete	4,000,000 shares of Class A common stock at $10.00 deemed value per share ($40,000,000 total). Includes: Ridgeline Ventures Fund III, LP (34.2% pre-closing), Northbridge Life Sciences Partners, LP (22.8%), Dr. Priya Nandakumar (14.6%), Dr. James Whitfield (9.1%), other holders (19.3%).
13.3	Transfer Agent / Stock	Issuance of PIPE Shares	Continental Stock Transfer & Trust Co. of DE	2023-06-20	2023-06-20	Complete	2,000,000 total PIPE shares: 1,500,000 to Brindoval Capital Management, LP; 500,000 to Lakepoint Health Opportunities Fund, LP.
13.4	Transfer Agent / Stock	Conversion of PVAC Class B Founder Shares to Class A common stock (net of forfeiture)	Continental Stock Transfer & Trust Co. of DE	2023-06-20	2023-06-20	Complete	1,250,000 Class B shares; 375,000 forfeited; 875,000 converted to Class A common stock. Held by Pinnacle Venture Sponsor LLC.
13.5	Transfer Agent / Stock	Confirmation of non-redeeming PVAC public shareholder positions	Continental Stock Transfer & Trust Co. of DE	2023-06-20	2023-06-20	Complete	5,000,000 original Class A shares − 2,814,390 redeemed = 2,185,610 non-redeemed shares.
13.6	Transfer Agent / Stock	Public Warrants — Confirmation of outstanding warrants	Continental Stock Transfer & Trust Co. of DE	2023-06-20	2023-06-20	Complete	2,500,000 warrants outstanding (5,000,000 IPO units × ½ warrant per unit). Strike price: $11.50/share.
13.7	Transfer Agent / Stock	Earnout Shares — Letter Agreement confirming earnout entitlements	Calderwood & Harkness LLP	2023-06-20	2023-06-20	Complete	500,000 earnout shares in two tranches: Tranche 1: 250,000 shares if VWAP ≥ $14.00 for 20 of 30 trading days within 36 months post-closing; Tranche 2: 250,000 shares if VWAP ≥ $16.00 for 20 of 30 trading days within 36 months post-closing. Shares issuable to former HBT equityholders.

CATEGORY 14: AUDITOR CONSENTS

14.1	Auditor Consents	Consent of Whitmore & Gaines LLP (HBT auditor) for inclusion of audited financial statements in proxy statement/prospectus	Calderwood & Harkness LLP / Whitmore & Gaines LLP	2023-05-12	2023-05-12	Complete	Audited financial statements for HBT fiscal years 2021 and 2022. HBT 2022 revenue: $2,100,000; 2022 net loss: ($18,400,000); cash 12/31/2022: $9,700,000. Engagement Partner: Leonard Brixton. Two Center Plaza, 14th Floor, Boston, MA 02108.
14.2	Auditor Consents	Consent of Prescott Townsend & Associates LLP (PVAC auditor) for inclusion of audited financial statements in proxy statement/prospectus	Hargrove Slater & Dunn LLP / Prescott Townsend & Associates LLP	2023-05-12	2023-05-12	Complete	Engagement Partner: Deborah Kline. 1345 Avenue of the Americas, 28th Floor, New York, NY 10105.

CATEGORY 15: POST-CLOSING GOVERNANCE

15.1	Post-Closing Governance	Appointment of Post-Closing Board of Directors of Helix Bio Therapeutics Holdings Inc.	Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	2023-06-20	2023-06-20	Complete	Post-closing board includes designees of former HBT equityholders and PVAC/Sponsor.
15.2	Post-Closing Governance	Appointment of Post-Closing Officers of Helix Bio Therapeutics Holdings Inc.	Calderwood & Harkness LLP	2023-06-20	2023-06-20	Complete	Dr. Priya Nandakumar appointed CEO of combined company.
15.3	Post-Closing Governance	Post-Closing Headquarters Confirmation	2023-06-20	2023-06-20	Complete	Combined company headquarters: 450 Kendall Street, Suite 800, Cambridge, MA 02142.

[sheet: Post-Closing Cap Table]

Holder	Share Class	Shares	Percentage of Undiluted Total	Notes
Former HBT Equityholders	Class A Common Stock	4000000	44.1%	Merger consideration: $40,000,000 ÷ $10.00/share
Non-Redeeming PVAC Public Shareholders	Class A Common Stock	2185610	24.1%	5,000,000 original Class A shares − 2,814,390 redeemed
PIPE Investors — Brindoval Capital Management, LP	Class A Common Stock	1500000	16.6%	$15,000,000 at $10.00/share
PIPE Investors — Lakepoint Health Opportunities Fund, LP	Class A Common Stock	500000	5.5%	$5,000,000 at $10.00/share
Pinnacle Venture Sponsor LLC (net of forfeiture)	Class A Common Stock (converted from Class B)	875000	9.7%	1,250,000 founder shares − 375,000 forfeited; 12-month lock-up
TOTAL UNDILUTED	9060610	100.0%
Earnout Shares (contingent — Tranche 1)	Class A Common Stock (if triggered)	250000	—	VWAP ≥ $14.00 for 20/30 trading days within 36 months
Earnout Shares (contingent — Tranche 2)	Class A Common Stock (if triggered)	250000	—	VWAP ≥ $16.00 for 20/30 trading days within 36 months
Public Warrants	Warrants (exercise into Class A)	2500000	—	Strike price: $11.50/share
TOTAL FULLY DILUTED (if all earnout and warrants exercised)	12060610	—	9,060,610 + 500,000 (earnout) + 2,500,000 (warrants)

[sheet: Key Dates]

Date	Event	Responsible Party	Checklist Item Ref.
2023-01-30	Engagement opened; LOI executed between HBT and PVAC	Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	—
2023-02-14	Pinnacle Merger Sub Inc. incorporated in Delaware	Hargrove Slater & Dunn LLP	2.3
2023-03-20	PVAC Board approval of Business Combination Agreement	Hargrove Slater & Dunn LLP	2.1
2023-03-21	HBT Board approval of Business Combination Agreement	Calderwood & Harkness LLP	2.2
2023-03-22	Business Combination Agreement signed; Sponsor Support Agreement and PIPE Subscription Agreements executed	All parties	1.1–1.4
2023-04-03	Notice delivered to Meridian Pharmaceuticals Inc. (Ref. MPI-COA-2021-0308)	HBT	9.2
2023-04-07	Form S-4 initial filing with SEC (File No. 333-271498)	Calderwood & Harkness LLP	3.1
2023-04-28	SEC comment letter received	SEC	3.2
2023-05-10	Response to SEC comment letter filed	Calderwood & Harkness LLP	3.3
2023-05-12	Amendment No. 1 to Form S-4 filed; auditor consents delivered	Calderwood & Harkness LLP	3.4, 14.1, 14.2
2023-05-19	Form S-4 declared effective by SEC	SEC	3.5
2023-05-22	PVAC record date for special meeting	PVAC	2.4
2023-05-24	Proxy mailing date	Aldridge Proxy Advisors LLC	3.6
2023-05-30	Graystone University license consent obtained (License No. GU-2019-0914-HBT)	HBT / Calderwood & Harkness LLP	9.1
2023-06-05	Landlord consent obtained — Kendall Square Properties Trust (Lease No. KSP-2020-0800)	HBT / Calderwood & Harkness LLP	9.3
2023-06-13	PVAC special meeting of shareholders — all proposals approved	Aldridge Proxy Advisors LLC	2.4
2023-06-15	PVAC re-domestication to Delaware effective; Nasdaq listing application filed	Hargrove Slater & Dunn LLP	4.1, 4.2, 6.1
2023-06-19	Nasdaq approval of HBIO listing; Good Standing Certificates obtained	Nasdaq / Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP	6.2, 10.5, 10.6
2023-06-20	Closing of Business Combination — Certificate of Merger filed; trust disbursed; PIPE funded; all closing deliverables exchanged	All parties	Multiple
2023-06-21	First trading day of HBIO on Nasdaq	Nasdaq	6.2

[sheet: Cover]
Field | Value
Matter | De-SPAC Business Combination — Helix Bio Therapeutics Inc. / Pinnacle Venture Acquisition Corp.
Prepared By | Calderwood & Harkness LLP, One Federal Street, 42nd Floor, Boston, MA 02110
Responsible Partner | Sandra Tung
Billing Partner | Oliver Mackenzie
Lead Associate | Ryan Kowalski
Working Associate | Megan Chu
Client | Helix Bio Therapeutics Inc.
Client Address | 450 Kendall Street, Suite 800, Cambridge, MA 02142
Acquiror | Pinnacle Venture Acquisition Corp.
Acquiror Address | 101 Park Avenue, 34th Floor, New York, NY 10178
Merger Sub | Pinnacle Merger Sub Inc.
Post-Closing Parent | Helix Bio Therapeutics Holdings Inc. (Nasdaq: HBIO)
BCA Execution Date | March 22, 2023
Scheduled Closing Date | June 15, 2023
Actual Closing Date | June 20, 2023
Governing Law | State of Delaware (DGCL)
Counsel to PVAC/Sponsor | Hargrove Slater & Dunn LLP — Nathan Dorsey / Allison Park
SEC File No. (S-4) | 333-271498
PVAC CIK | 0001893742
Checklist Version | Final — As of Closing (June 20, 2023)
Status Legend | Complete / Pending / Waived / N/A
[sheet: Closing Checklist]
Item No. | Category | Description | Responsible Party | Due Date | Date Completed | Status | Notes / Reference
CATEGORY 1: TRANSACTION AGREEMENTS
1.1 | Transaction Agreements | Business Combination Agreement, dated as of March 22, 2023, among Pinnacle Venture Acquisition Corp., Pinnacle Merger Sub Inc., and Helix Bio Therapeutics Inc. — Execution Version | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 2023-03-22 | 2023-03-22 | Complete | Executed by all parties. Governs forward merger of Merger Sub with and into HBT; HBT surviving as wholly owned subsidiary of PVAC. Deal value: $40,000,000; merger consideration: 4,000,000 shares at $10.00/share deemed value.
1.2 | Transaction Agreements | Sponsor Support Agreement — Pinnacle Venture Sponsor LLC | Hargrove Slater & Dunn LLP | 2023-03-22 | 2023-03-22 | Complete | Executed March 22, 2023 by Derek Holroyd and Samantha Briggs (Managing Members). Sponsor votes Class B shares in favor of Business Combination; forfeits 375,000 of 1,250,000 founder shares (30%); retains 875,000 shares; 12-month post-closing lock-up (early release if HBIO ≥ $12.00 for 20 of 30 trading days after 150 days post-closing); waiver of anti-dilution and redemption rights.
1.3 | Transaction Agreements | PIPE Subscription Agreement — Brindoval Capital Management, LP | Calderwood & Harkness LLP | 2023-03-22 | 2023-03-22 | Complete | Executed by Thomas Yeung, Managing Partner. 1,500,000 shares of PVAC Class A common stock at $10.00/share; aggregate commitment $15,000,000. Funding concurrent with closing.
1.4 | Transaction Agreements | PIPE Subscription Agreement — Lakepoint Health Opportunities Fund, LP | Calderwood & Harkness LLP | 2023-03-22 | 2023-03-22 | Complete | Executed by Diana Strickland, Principal. 500,000 shares of PVAC Class A common stock at $10.00/share; aggregate commitment $5,000,000. Funding concurrent with closing.
1.5 | Transaction Agreements | Lock-Up Agreement (form attached as exhibit to BCA) | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Executed at closing by former HBT equityholders and Sponsor.
1.6 | Transaction Agreements | Registration Rights Agreement | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Executed at closing; covers resale registration for former HBT equityholders, Sponsor, and PIPE investors.
1.7 | Transaction Agreements | Amended and Restated Certificate of Incorporation of Helix Bio Therapeutics Holdings Inc. (f/k/a Pinnacle Venture Acquisition Corp.) | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Filed with Delaware Secretary of State at closing. Reflects re-domestication and name change.
1.8 | Transaction Agreements | Amended and Restated Bylaws of Helix Bio Therapeutics Holdings Inc. | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Adopted at closing.
CATEGORY 2: CORPORATE APPROVALS
2.1 | Corporate Approvals | PVAC Board of Directors — Resolution approving the Business Combination Agreement and related transactions | Hargrove Slater & Dunn LLP | 2023-03-20 | 2023-03-20 | Complete | Approved March 20, 2023. Board members: Derek Holroyd, Samantha Briggs, Robert Tannenbaum, Julia Greenfield.
2.2 | Corporate Approvals | HBT Board of Directors — Resolution approving the Business Combination Agreement and related transactions | Calderwood & Harkness LLP | 2023-03-21 | 2023-03-21 | Complete | Approved March 21, 2023. Board members: Dr. Priya Nandakumar (Chair & CEO), Dr. James Whitfield (CSO), Catherine Alcott (Ridgeline designee), Marcus Leung (Northbridge designee), Dr. Elena Vasquez (Independent).
2.3 | Corporate Approvals | Pinnacle Merger Sub Inc. — Board resolution and sole stockholder (PVAC) written consent approving the merger | Hargrove Slater & Dunn LLP | 2023-03-22 | 2023-03-22 | Complete | Merger Sub incorporated February 14, 2023 in Delaware; EIN 92-1187453. Sole purpose entity for effecting the merger.
2.4 | Corporate Approvals | PVAC Special Meeting of Shareholders — Approval of Business Combination, re-domestication, and related proposals | Hargrove Slater & Dunn LLP / Aldridge Proxy Advisors LLC | 2023-06-13 | 2023-06-13 | Complete | Special meeting held June 13, 2023. Record date: May 22, 2023. Proxy mailing date: May 24, 2023. Proxy solicitor: Aldridge Proxy Advisors LLC (Patrick Moran). All proposals approved.
2.5 | Corporate Approvals | HBT Written Consent of Stockholders — Approval of Business Combination Agreement and merger | Calderwood & Harkness LLP | 2023-03-22 | 2023-03-22 | Complete | Written consent obtained from holders of majority of outstanding HBT shares: Ridgeline Ventures Fund III, LP (34.2%), Northbridge Life Sciences Partners, LP (22.8%), Dr. Priya Nandakumar (14.6%), Dr. James Whitfield (9.1%).
CATEGORY 3: REGULATORY FILINGS AND SEC MATTERS
3.1 | SEC / Regulatory | Registration Statement on Form S-4 — Initial filing with SEC | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 2023-04-07 | 2023-04-07 | Complete | Filed April 7, 2023. File No. 333-271498; CIK 0001893742.
3.2 | SEC / Regulatory | SEC Staff Comment Letter — Received and reviewed | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 2023-04-28 | 2023-04-28 | Complete | Comment letter dated April 28, 2023. Comments addressed dilution from Sponsor founder shares and warrants (2,500,000 warrants at $11.50 strike), earnout milestones, redemption scenarios, background of transaction, pro forma financials, and risk factors.
3.3 | SEC / Regulatory | Response to SEC Comment Letter | Calderwood & Harkness LLP | 2023-05-10 | 2023-05-10 | Complete | Response letter dated May 10, 2023, filed on behalf of PVAC.
3.4 | SEC / Regulatory | Amendment No. 1 to Form S-4 | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 2023-05-12 | 2023-05-12 | Complete | Filed May 12, 2023 incorporating responsive changes.
3.5 | SEC / Regulatory | Form S-4 declared effective by SEC | SEC | 2023-05-19 | 2023-05-19 | Complete | Effective May 19, 2023.
3.6 | SEC / Regulatory | Definitive Proxy Statement / Prospectus — Mailing to PVAC shareholders | Aldridge Proxy Advisors LLC / Hargrove Slater & Dunn LLP | 2023-05-24 | 2023-05-24 | Complete | Mailed May 24, 2023 to shareholders of record as of May 22, 2023.
3.7 | SEC / Regulatory | Form 8-K (Super 8-K) — Report of closing of Business Combination | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Filed June 20, 2023 reporting consummation of Business Combination.
3.8 | SEC / Regulatory | HSR Act Filing | N/A | N/A | No Hart-Scott-Rodino filing required; transaction does not meet HSR thresholds and biotech target has no overlapping products with SPAC shell.
CATEGORY 4: RE-DOMESTICATION AND FORMATION DOCUMENTS
4.1 | Re-Domestication | PVAC De-Registration from Cayman Islands — Filing with Cayman Islands Registrar | Hargrove Slater & Dunn LLP | 2023-06-15 | 2023-06-15 | Complete | PVAC originally incorporated March 3, 2021 in Cayman Islands as exempted company. De-registration effective June 15, 2023.
4.2 | Re-Domestication | PVAC Certificate of Domestication and Certificate of Incorporation — Filed with Delaware Secretary of State | Hargrove Slater & Dunn LLP | 2023-06-15 | 2023-06-15 | Complete | Re-domestication to Delaware effective June 15, 2023. PVAC becomes Delaware corporation. Registered Agent: Cascade Systems, 160 Greentree Drive, Suite 101, Dover, DE 19904.
4.3 | Re-Domestication | Name Change — PVAC renamed Helix Bio Therapeutics Holdings Inc. | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Effected via Amended and Restated Certificate of Incorporation at closing.
CATEGORY 5: MERGER FILINGS
5.1 | Merger Filings | Certificate of Merger — Filed with Delaware Secretary of State | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Merger of Pinnacle Merger Sub Inc. with and into Helix Bio Therapeutics Inc.; HBT surviving as wholly owned subsidiary of Helix Bio Therapeutics Holdings Inc.
CATEGORY 6: NASDAQ LISTING
6.1 | Nasdaq | Nasdaq Listing Application for post-combination entity | Hargrove Slater & Dunn LLP | 2023-06-15 | 2023-06-15 | Complete | Application No. HBIO-2023-0615. Post-closing ticker: HBIO.
6.2 | Nasdaq | Nasdaq approval of listing of HBIO common stock and warrants | Nasdaq | 2023-06-19 | 2023-06-19 | Complete | Listing approved. First trading day: June 21, 2023.
6.3 | Nasdaq | Delisting of PVAC units (PVAC.U), Class A shares (PVAC), and warrants (PVAC.W) | Nasdaq / Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Effective upon closing.
CATEGORY 7: TRUST AND FUNDING
7.1 | Trust / Funding | Trust Disbursement Letter to Grandview Trust Company, N.A. | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Grandview Trust Company, N.A., 388 Greenwich Street, New York, NY 10013. Instructs release of trust account balance of $51,247,813.55.
7.2 | Trust / Funding | Shareholder Redemptions — Payment to redeeming PVAC Class A shareholders | Grandview Trust Company, N.A. | 2023-06-20 | 2023-06-20 | Complete | 2,814,390 of 5,000,000 Class A shares redeemed at ~$10.25/share. Total redemption payments: $28,847,497.50.
7.3 | Trust / Funding | Release of remaining trust proceeds to combined company | Grandview Trust Company, N.A. | 2023-06-20 | 2023-06-20 | Complete | Trust proceeds post-redemption: $51,247,813.55 − $28,847,497.50 = $22,400,316.05 released to combined company.
7.4 | Trust / Funding | PIPE Funding — Brindoval Capital Management, LP ($15,000,000) | Brindoval Capital Management, LP | 2023-06-20 | 2023-06-20 | Complete | 1,500,000 shares at $10.00/share. Wire received. Contact: Thomas Yeung, Managing Partner, 600 Montgomery Street, Suite 2800, San Francisco, CA 94111.
7.5 | Trust / Funding | PIPE Funding — Lakepoint Health Opportunities Fund, LP ($5,000,000) | Lakepoint Health Opportunities Fund, LP | 2023-06-20 | 2023-06-20 | Complete | 500,000 shares at $10.00/share. Wire received. Contact: Diana Strickland, Principal, 399 Park Avenue, 18th Floor, New York, NY 10022.
7.6 | Trust / Funding | Verification of Minimum Cash Condition (BCA §7.03(c)) | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | Minimum cash condition: ≥ $30,000,000. Actual net cash at closing: $36,400,316.05. Condition satisfied. Calculation: Trust post-redemption ($22,400,316.05) + PIPE ($20,000,000) − Est. Transaction Expenses ($6,000,000) = $36,400,316.05.
7.7 | Trust / Funding | Funds Flow Memorandum — executed by all parties | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | Governs disbursement of all closing funds including trust proceeds, PIPE proceeds, and payment of transaction expenses.
CATEGORY 8: TRANSACTION EXPENSE PAYMENTS
8.1 | Transaction Expenses | Deferred Underwriting Commission — Birchwood Partners LLC | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | $1,750,000 (3.5% of $50,000,000 IPO proceeds). Birchwood Partners LLC, 200 West 57th Street, Suite 1400, New York, NY 10019.
8.2 | Transaction Expenses | Advisory Fee — Birchwood Partners LLC | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | $500,000 flat advisory fee. Graham Hollis, Managing Director.
8.3 | Transaction Expenses | Advisory Fee — Calvert & Wren Advisory LLC | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | $750,000 flat advisory fee payable at closing. Rachel Dominguez, Senior Managing Director. 100 Summer Street, Suite 2200, Boston, MA 02110.
8.4 | Transaction Expenses | Legal Fees — Calderwood & Harkness LLP (counsel to HBT) | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | Estimated $1,200,000. One Federal Street, 42nd Floor, Boston, MA 02110.
8.5 | Transaction Expenses | Legal Fees — Hargrove Slater & Dunn LLP (counsel to PVAC/Sponsor) | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Estimated $950,000. 575 Lexington Avenue, 20th Floor, New York, NY 10022.
8.6 | Transaction Expenses | D&O Tail Policy Premium — Ridgepoint Specialty Insurance Company | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | $485,000. Policy No. RSI-DOT-2023-04871. Six-year tail D&O policy.
8.7 | Transaction Expenses | SEC Filing, Printing, Proxy Solicitation, and Miscellaneous Costs | Various | 2023-06-20 | 2023-06-20 | Complete | Estimated $365,000. Includes SEC filing fees, financial printer, Aldridge Proxy Advisors LLC fees, and other misc.
8.8 | Transaction Expenses | Total Estimated Transaction Expenses | Complete | $6,000,000 (sum of Items 8.1–8.7: $1,750,000 + $500,000 + $750,000 + $1,200,000 + $950,000 + $485,000 + $365,000).
CATEGORY 9: THIRD-PARTY CONSENTS AND NOTICES
9.1 | Consents / Notices | Consent to Assignment — Exclusive License Agreement with Regents of Graystone University (License No. GU-2019-0914-HBT, dated September 14, 2019) | Calderwood & Harkness LLP / HBT | 2023-06-15 | 2023-05-30 | Complete | Change-of-control consent required under license agreement for HBT-301 gene-editing platform IP. Consent obtained May 30, 2023.
9.2 | Consents / Notices | Notice to Meridian Pharmaceuticals Inc. — Collaboration and Option Agreement (Ref. MPI-COA-2021-0308, dated March 8, 2021) | Calderwood & Harkness LLP / HBT | 2023-04-07 | 2023-04-03 | Complete | No change-of-control consent required; notice of change of control required and delivered April 3, 2023. Relates to HBT-502 preclinical compound.
9.3 | Consents / Notices | Landlord Consent — Kendall Square Properties Trust (Lease No. KSP-2020-0800) | Calderwood & Harkness LLP / HBT | 2023-06-15 | 2023-06-05 | Complete | Lease: 450 Kendall Street, Suite 800, Cambridge, MA 02142. 10-year lease commenced January 1, 2020. 18,400 RSF at $62.00/RSF; annual base rent $1,140,800. Landlord consent to assignment obtained June 5, 2023.
CATEGORY 10: OFFICER CERTIFICATES AND CLOSING CERTIFICATES
10.1 | Closing Certificates | Officer's Certificate of HBT — Bring-down of representations and warranties; satisfaction of closing conditions | Calderwood & Harkness LLP / HBT | 2023-06-20 | 2023-06-20 | Complete | Executed by Dr. Priya Nandakumar, CEO of HBT.
10.2 | Closing Certificates | Officer's Certificate of PVAC — Bring-down of representations and warranties; satisfaction of closing conditions | Hargrove Slater & Dunn LLP / PVAC | 2023-06-20 | 2023-06-20 | Complete | Executed by Derek Holroyd, CEO of PVAC.
10.3 | Closing Certificates | Secretary's Certificate of HBT — Attaching certificate of incorporation, bylaws, board resolutions, stockholder approval, and good standing certificate | Calderwood & Harkness LLP / HBT | 2023-06-20 | 2023-06-20 | Complete | HBT incorporated June 12, 2018 in Delaware. EIN: 83-2947156. Registered Agent: CT Statutory Services, 1209 Orange Street, Wilmington, DE 19801.
10.4 | Closing Certificates | Secretary's Certificate of PVAC — Attaching organizational documents, board resolutions, stockholder approval, and good standing certificate | Hargrove Slater & Dunn LLP / PVAC | 2023-06-20 | 2023-06-20 | Complete | PVAC EIN: 87-1630284.
10.5 | Closing Certificates | Good Standing Certificate — HBT from Delaware Secretary of State | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-19 | Complete | Dated within 5 business days of closing.
10.6 | Closing Certificates | Good Standing Certificate — PVAC (post-re-domestication) from Delaware Secretary of State | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-19 | Complete | Dated within 5 business days of closing.
CATEGORY 11: LEGAL OPINIONS
11.1 | Legal Opinions | Legal Opinion of Calderwood & Harkness LLP (counsel to HBT) delivered to PVAC | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | Opines: (i) HBT duly organized, validly existing, good standing under DE law; (ii) requisite corporate power and authority; (iii) BCA and ancillary agreements duly authorized, executed, delivered; legal, valid, binding obligations; (iv) no violation of charter, bylaws, or DE law. Subject to customary assumptions, qualifications, and limitations.
11.2 | Legal Opinions | Legal Opinion of Hargrove Slater & Dunn LLP (counsel to PVAC) delivered to HBT | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Opines as to due organization, authority, and enforceability of BCA for PVAC and Merger Sub. Subject to customary qualifications.
CATEGORY 12: INSURANCE
12.1 | Insurance | D&O Tail Policy — Ridgepoint Specialty Insurance Company | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | Six-year tail directors' and officers' liability insurance policy. Policy No. RSI-DOT-2023-04871. Premium: $485,000. Covers pre-closing HBT directors and officers.
CATEGORY 13: TRANSFER AGENT AND STOCK ISSUANCES
13.1 | Transfer Agent / Stock | Engagement of Transfer Agent — Adriatic Health IT of Delaware, Inc. | Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | 1 Ashbury Asset Advisors, 30th Floor, New York, NY 10004. Serves as transfer agent for Helix Bio Therapeutics Holdings Inc. common stock post-closing.
13.2 | Transfer Agent / Stock | Issuance of Merger Consideration Shares to former HBT equityholders | Continental Stock Transfer & Trust Co. of DE | 2023-06-20 | 2023-06-20 | Complete | 4,000,000 shares of Class A common stock at $10.00 deemed value per share ($40,000,000 total). Includes: Ridgeline Ventures Fund III, LP (34.2% pre-closing), Northbridge Life Sciences Partners, LP (22.8%), Dr. Priya Nandakumar (14.6%), Dr. James Whitfield (9.1%), other holders (19.3%).
13.3 | Transfer Agent / Stock | Issuance of PIPE Shares | Continental Stock Transfer & Trust Co. of DE | 2023-06-20 | 2023-06-20 | Complete | 2,000,000 total PIPE shares: 1,500,000 to Brindoval Capital Management, LP; 500,000 to Lakepoint Health Opportunities Fund, LP.
13.4 | Transfer Agent / Stock | Conversion of PVAC Class B Founder Shares to Class A common stock (net of forfeiture) | Continental Stock Transfer & Trust Co. of DE | 2023-06-20 | 2023-06-20 | Complete | 1,250,000 Class B shares; 375,000 forfeited; 875,000 converted to Class A common stock. Held by Pinnacle Venture Sponsor LLC.
13.5 | Transfer Agent / Stock | Confirmation of non-redeeming PVAC public shareholder positions | Continental Stock Transfer & Trust Co. of DE | 2023-06-20 | 2023-06-20 | Complete | 5,000,000 original Class A shares − 2,814,390 redeemed = 2,185,610 non-redeemed shares.
13.6 | Transfer Agent / Stock | Public Warrants — Confirmation of outstanding warrants | Continental Stock Transfer & Trust Co. of DE | 2023-06-20 | 2023-06-20 | Complete | 2,500,000 warrants outstanding (5,000,000 IPO units × ½ warrant per unit). Strike price: $11.50/share.
13.7 | Transfer Agent / Stock | Earnout Shares — Letter Agreement confirming earnout entitlements | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | 500,000 earnout shares in two tranches: Tranche 1: 250,000 shares if VWAP ≥ $14.00 for 20 of 30 trading days within 36 months post-closing; Tranche 2: 250,000 shares if VWAP ≥ $16.00 for 20 of 30 trading days within 36 months post-closing. Shares issuable to former HBT equityholders.
CATEGORY 14: AUDITOR CONSENTS
14.1 | Auditor Consents | Consent of Whitmore & Gaines LLP (HBT auditor) for inclusion of audited financial statements in proxy statement/prospectus | Calderwood & Harkness LLP / Whitmore & Gaines LLP | 2023-05-12 | 2023-05-12 | Complete | Audited financial statements for HBT fiscal years 2021 and 2022. HBT 2022 revenue: $2,100,000; 2022 net loss: ($18,400,000); cash 12/31/2022: $9,700,000. Engagement Partner: Leonard Brixton. Two Center Plaza, 14th Floor, Boston, MA 02108.
14.2 | Auditor Consents | Consent of Prescott Townsend & Associates LLP (PVAC auditor) for inclusion of audited financial statements in proxy statement/prospectus | Hargrove Slater & Dunn LLP / Prescott Townsend & Associates LLP | 2023-05-12 | 2023-05-12 | Complete | Engagement Partner: Deborah Kline. 1345 Avenue of the Americas, 28th Floor, New York, NY 10105.
CATEGORY 15: POST-CLOSING GOVERNANCE
15.1 | Post-Closing Governance | Appointment of Post-Closing Board of Directors of Helix Bio Therapeutics Holdings Inc. | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 2023-06-20 | 2023-06-20 | Complete | Post-closing board includes designees of former HBT equityholders and PVAC/Sponsor.
15.2 | Post-Closing Governance | Appointment of Post-Closing Officers of Helix Bio Therapeutics Holdings Inc. | Calderwood & Harkness LLP | 2023-06-20 | 2023-06-20 | Complete | Dr. Priya Nandakumar appointed CEO of combined company.
15.3 | Post-Closing Governance | Post-Closing Headquarters Confirmation | 2023-06-20 | 2023-06-20 | Complete | Combined company headquarters: 450 Kendall Street, Suite 800, Cambridge, MA 02142.
[sheet: Post-Closing Cap Table]
Holder | Share Class | Shares | Percentage of Undiluted Total | Notes
Former HBT Equityholders | Class A Common Stock | 4000000 | 44.1% | Merger consideration: $40,000,000 ÷ $10.00/share
Non-Redeeming PVAC Public Shareholders | Class A Common Stock | 2185610 | 24.1% | 5,000,000 original Class A shares − 2,814,390 redeemed
PIPE Investors — Brindoval Capital Management, LP | Class A Common Stock | 1500000 | 16.6% | $15,000,000 at $10.00/share
PIPE Investors — Lakepoint Health Opportunities Fund, LP | Class A Common Stock | 500000 | 5.5% | $5,000,000 at $10.00/share
Pinnacle Venture Sponsor LLC (net of forfeiture) | Class A Common Stock (converted from Class B) | 875000 | 9.7% | 1,250,000 founder shares − 375,000 forfeited; 12-month lock-up
TOTAL UNDILUTED | 9060610 | 100.0%
Earnout Shares (contingent — Tranche 1) | Class A Common Stock (if triggered) | 250000 | — | VWAP ≥ $14.00 for 20/30 trading days within 36 months
Earnout Shares (contingent — Tranche 2) | Class A Common Stock (if triggered) | 250000 | — | VWAP ≥ $16.00 for 20/30 trading days within 36 months
Public Warrants | Warrants (exercise into Class A) | 2500000 | — | Strike price: $11.50/share
TOTAL FULLY DILUTED (if all earnout and warrants exercised) | 12060610 | — | 9,060,610 + 500,000 (earnout) + 2,500,000 (warrants)
[sheet: Key Dates]
Date | Event | Responsible Party | Checklist Item Ref.
2023-01-30 | Engagement opened; LOI executed between HBT and PVAC | Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | —
2023-02-14 | Pinnacle Merger Sub Inc. incorporated in Delaware | Hargrove Slater & Dunn LLP | 2.3
2023-03-20 | PVAC Board approval of Business Combination Agreement | Hargrove Slater & Dunn LLP | 2.1
2023-03-21 | HBT Board approval of Business Combination Agreement | Calderwood & Harkness LLP | 2.2
2023-03-22 | Business Combination Agreement signed; Sponsor Support Agreement and PIPE Subscription Agreements executed | All parties | 1.1–1.4
2023-04-03 | Notice delivered to Meridian Pharmaceuticals Inc. (Ref. MPI-COA-2021-0308) | HBT | 9.2
2023-04-07 | Form S-4 initial filing with SEC (File No. 333-271498) | Calderwood & Harkness LLP | 3.1
2023-04-28 | SEC comment letter received | SEC | 3.2
2023-05-10 | Response to SEC comment letter filed | Calderwood & Harkness LLP | 3.3
2023-05-12 | Amendment No. 1 to Form S-4 filed; auditor consents delivered | Calderwood & Harkness LLP | 3.4, 14.1, 14.2
2023-05-19 | Form S-4 declared effective by SEC | SEC | 3.5
2023-05-22 | PVAC record date for special meeting | PVAC | 2.4
2023-05-24 | Proxy mailing date | Aldridge Proxy Advisors LLC | 3.6
2023-05-30 | Graystone University license consent obtained (License No. GU-2019-0914-HBT) | HBT / Calderwood & Harkness LLP | 9.1
2023-06-05 | Landlord consent obtained — Kendall Square Properties Trust (Lease No. KSP-2020-0800) | HBT / Calderwood & Harkness LLP | 9.3
2023-06-13 | PVAC special meeting of shareholders — all proposals approved | Aldridge Proxy Advisors LLC | 2.4
2023-06-15 | PVAC re-domestication to Delaware effective; Nasdaq listing application filed | Hargrove Slater & Dunn LLP | 4.1, 4.2, 6.1
2023-06-19 | Nasdaq approval of HBIO listing; Good Standing Certificates obtained | Nasdaq / Calderwood & Harkness LLP / Hargrove Slater & Dunn LLP | 6.2, 10.5, 10.6
2023-06-20 | Closing of Business Combination — Certificate of Merger filed; trust disbursed; PIPE funded; all closing deliverables exchanged | All parties | Multiple
2023-06-21 | First trading day of HBIO on Nasdaq | Nasdaq | 6.2