KBL Merger Corp. (NASDAQ: KBLM) (KBL Merger Corp. Rights NASDAQ: KBLMR) (KBL Merger Corp. Warrant NASDAQ: KBLMW), a Special Purpose Acquisition Corporation (SPAC) that previously announced the signing of a definitive agreement to acquire CannBioRx Life Sciences Corp. (now to be referred to as “180 Life Sciences”), on Monday announced successful closing of a bridge financing, the proceeds of which will be used for working capital to complete the merger and advance its clinical programs. Per the update, Dr. James Woody will become Chief Executive Officer of 180 Life Sciences, and Dr. Larry Gold will be appointed to its Board of Directors at the conclusion of the financing. “On behalf of our Chairman, George Hornig, I want to thank the team from KBL and the Board for their tireless dedication to identifying and developing this opportunity. We remain encouraged by the overall strength of the biotechnology sector and the fact that SPACSs have become a large asset class that has proven to be an advantageous route to access the public markets. This bridge financing should take the Company through the conclusion of the business combination,” Dr. Marlene Krauss, CEO of KBL Merger Corp., stated in the news release. “Our scientific team has unparalleled expertise and a proven track record of developing unique drugs that improved the lives of millions of people and created companies that were later sold for billions of dollars. We have assembled this world-class team to build a unique, global biotechnology company dedicated to developing novel drugs in a cost-effective manner.”
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About KBL Merger Corp. IV
KBL Merger Corp. IV is a blank check company that raised $115 million with the goal of identifying and acquiring a company with a strong value proposition mainly in the U.S. healthcare industry. KBL Merger Corp. IV focused on this industry due to its management’s deep experience in this large, growing segment of the U.S. economy. This is Dr. Krauss’ fourth SPAC in the healthcare space. She has invested more than $1 billion through three institutional venture capital funds, numerous IPOs and three prior SPACS. For more information, visit www.KBLMerger.com.
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