SPAC Newcourt Acquisition Corp. (NASDAQ:NCAC) shareholders have voted to approve a planned merger with psilocybin therapy developer Psyence Biomed (OTCQB:PSYGF), but the deal may not be able to close by Newcourt’s charter deadline of Jan. 22.

Newcourt’s Merger Approval

Newcourt disclosed the merger vote in an SEC filing on Friday, but said in an SEC filing on Monday afternoon that deal still had not closed.

It added that the parties were working on satisfying conditions for the closing, including obtaining approval from Nasdaq to list shares of the combined company. It also said there could be no assurance that the deal would be consummated by Newcourt’s charter deadline, which was also on Monday.

Extension Proposal

In a second SEC filing made Monday afternoon, Newcourt said it had adjourned a special meeting to vote on an extension proposal for its charter to 6:00 p.m. ET in order to solicit more votes for the measure.

Merger Origins

Newcourt and Psyence Biomed announced plans to merge in January 2023. Psyence Biomed is a wholly owned division of Psyence Group (OTCQB:PSYGF).