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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sarissa Capital Acquisition Corporation | NASDAQ:SRSA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.05 | 10.04 | 10.06 | 0 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Cayman
|
001-39640
|
98-1552641
|
||
(State or Other Jurisdiction of
Incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
Units
|
SRSAU
|
The Nasdaq Capital Market
|
||
Class A ordinary shares
|
SRSA
|
The Nasdaq Capital Market
|
||
Warrants
|
SRSAW
|
The Nasdaq Capital Market
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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Page
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Item 1.
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1
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1
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2
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3
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4
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5
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Item 2.
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20
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Item 3.
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23
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Item 4.
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23
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Item 1.
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24
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Item 2.
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24
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Item 3.
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24
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Item 4.
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24
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Item 5.
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24
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Item 6.
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25
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September 30,
2021 |
December 31,
2020 |
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 783,757 | $ | 1,097,856 | ||||
Prepaid expenses
|
125,592 | 267,935 | ||||||
|
|
|
|
|||||
Total current assets
|
909,349 | 1,365,791 | ||||||
Prepaid expenses –
non-current
portion
|
7,133 | — | ||||||
Marketable securities held in Trust Accoun
t
|
200,011,323 | 200,002,204 | ||||||
|
|
|
|
|||||
Total Assets
|
$
|
200,927,805
|
|
$
|
201,367,995
|
|
||
|
|
|
|
|||||
Liabilities and Shareholders’ Deficit
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$ | 5,000 | $ | 14,472 | ||||
|
|
|
|
|||||
Total current liabilities
|
5,000 | 14,472 | ||||||
Warrant liabilities
|
9,767,734 | 30,336,184 | ||||||
Deferred underwriters’ discount payable
|
7,000,000 | 7,000,000 | ||||||
|
|
|
|
|||||
Total liabilities
|
16,772,734 | 37,350,656 | ||||||
|
|
|
|
|||||
Commitments and contingencies
|
||||||||
Class A ordinary shares, $0.0001 par value, subject to possible redemption at redemption value of $10 per share
, 20,000,000
issued and outstanding at
September 30, 2021 and December 31, 2020, respectively
|
200,000,000 | 200,000,000 | ||||||
Shareholders’ Deficit:
|
||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding at September 30, 2021 and December 31, 2020
|
— | — | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 sh
ares authorize
d; no shares issued and outstanding
(excluding
20,000,000 Class A shares subject to redemption) at September 30, 2021 and December 31, 2020
|
— | — | ||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020
|
500 | 500 | ||||||
Additional
paid-in
capita
l
|
— | — | ||||||
Accumulated deficit
|
(15,845,429 | ) | (35,983,161 | ) | ||||
|
|
|
|
|||||
Total shareholders’ deficit
|
(15,844,929 | ) | (35,982,661 | ) | ||||
|
|
|
|
|||||
Total Liabilities and Shareholders’ Deficit
|
$
|
200,927,805
|
|
$
|
201,367,995
|
|
||
|
|
|
|
For the three
months ended September 30, 2021 |
For the nine
months ended September 30, 2021 |
For the
period from August 12, 2020 (inception)
to
September 30,
2020 |
||||||||||
Formation and operating costs
|
$ | 164,663 | $ | 439,837 | $ | 3,793 | ||||||
|
|
|
|
|
|
|||||||
Loss from operations
|
(164,663 | ) | (439,837 | ) | (3,793 | ) | ||||||
|
|
|
|
|
|
|||||||
Other income
|
||||||||||||
Interest income on marketable securities held in Trust Account
|
3,073 | 9,119 | — | |||||||||
Change in fair value of warrant liabilities
|
4,541,976 | 20,568,450 | — | |||||||||
|
|
|
|
|
|
|||||||
Total other income
|
4,545,049 | 20,577,569 | — | |||||||||
|
|
|
|
|
|
|||||||
Net incom
e (loss
)
|
$ | 4,380,386 | $ | 20,137,732 | $ | (3,793 | ) | |||||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class A ordinary shares
|
20,000,000 | 20,000,000 | — | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income per Class A ordinary share
|
$ | 0.18 | $ | 0.81 | $ | — | ||||||
|
|
|
|
|
|
|||||||
Weighted average shares outstanding of Class B ordinary shares
|
5,000,000 | 5,000,000 | 4,375,000 | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income per Class B ordinary share
|
$ | 0.18 | $ | 0.81 | $ | (0.00 | ) | |||||
|
|
|
|
|
|
Ordinary
|
Additional
Paid-In
Capital
|
Accumulated
Deficit
|
Total
Shareholders’
Deficit
|
|||||||||||||||||||||||||
Class A
|
Class B
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balance as of December 31, 2020
|
— | $ | — |
|
5,000,000
|
|
$
|
500
|
|
$
|
—
|
|
$
|
(35,983,161
|
)
|
$
|
(35,982,661
|
)
|
||||||||||
Net income
|
— | — | — | — | — | 14,094,632 | 14,094,632 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2021 (as restated)
|
— | $ | — |
|
5,000,000
|
|
$
|
500
|
|
— |
$
|
(21,888,529
|
)
|
$
|
(21,888,029
|
)
|
||||||||||||
Net income
|
— | — | — | — | — | 1,662,714 | 1,662,714 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2021 (as restated)
|
— | $ | — |
|
5,000,000
|
|
$
|
500
|
|
— |
$
|
(20,225,815
|
)
|
$
|
(20,225,315
|
)
|
||||||||||||
Net income
|
— | — | — | — | — | 4,380,386 | 4,380,386 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of September 30, 2021
|
— | $ | — |
|
5,000,000
|
|
$
|
500
|
|
$ | — |
$
|
(15,845,429
|
)
|
$
|
(15,844,929
|
)
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
|
Additional
Paid-In
Capital
|
Accumulated
Deficit
|
Total
Shareholders’
Deficit
|
|||||||||||||||||||||||||
Class A
|
Class B
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balance as of August 12, 2020 (inception)
|
— | $ | — | — | $ | — |
$
|
—
|
|
$ | — | $ | — | |||||||||||||||
Issuance of Class B ordinary shares to Sponsor
|
— | — | 5,031,250 | 503 | 24,497 | — | 25,000 | |||||||||||||||||||||
Net
lo
ss
|
— | — | — | — | — | (3,793 | ) | (3,793 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of September 30, 202
0
|
— | $ | — |
|
5,031,250
|
|
$
|
503
|
|
$
|
24,497
|
|
|
(3,793
|
)
|
|
21,207
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine
months ended September 30, 2021 |
For the
period from August 12, 2020 (inception) through September 30, 2020 |
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$ | 20,137,732 | $ | (3,793 | ) | |||
Formation costs paid by Sponsor in exchange for Class B ordinary shares
|
— | 3,793 | ||||||
A
djustments to reconcile net income (loss) to net cash used in operating activitie
s:
|
||||||||
Interest income on marketable securities held in Trust Account
|
(9,119 | ) | — | |||||
Change in fair value of warrant liabilities
|
(20,568,450 | ) | — | |||||
Changes in operating assets and liabilities:
|
— | |||||||
Prepaid expenses
|
135,210 | — | ||||||
Accounts payable and accrued expenses
|
(9,472 | ) | — | |||||
|
|
|
|
|||||
Net cash used in operating activities
|
(314,099 | ) | — | |||||
|
|
|
|
|||||
Net change in cash
|
(314,099 | ) | — | |||||
Cash - Beginning of period
|
1,097,856 | — | ||||||
|
|
|
|
|||||
Cash - End of period
|
$ | 783,757 | $ | — | ||||
|
|
|
|
|||||
Supplemental Disclosure
of Non-cash
Financing Activities:
|
||||||||
Deferred offering costs included in accounts payable and accrued expenses
|
$ | — | $ | 86,647 | ||||
|
|
|
|
|||||
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
$ | — | $ | 21,207 | ||||
|
|
|
|
As Reported
|
Adjustment
|
As
Restated
|
||||||||||
Financial Statements as of March 31, 2021
|
|
|||||||||||
Balance Sheet
|
|
|||||||||||
Class A ordinary shares subject to possible redemption ($)
|
$ | 173,111,970 | $ | 26,888,030 | $ | 200,000,000 | ||||||
Class A ordinary shares, $0.0001 par value
|
269 | (269 | ) | — | ||||||||
Class B ordinary shares, $0.0001 par value
|
500 |
—
|
500 | |||||||||
Additional Paid in Capital
|
8,730,808 | (8,730,808 | ) | — | ||||||||
Accumulated Deficit
|
(3,731,576 | ) | (18,156,953 | ) | (21,888,529 | ) | ||||||
|
|
|
|
|
|
|||||||
Total Shareholders’ Equity (Deficit)
|
$ | 5,000,001 | $ | (26,888,030 | ) | $ | (21,888,029 | ) | ||||
|
|
|
|
|
|
|||||||
Number of shares subject to redemption
|
17,311,197 | 2,688,803 | 20,000,000 | |||||||||
|
|
|
|
|
|
|||||||
Income Statement
|
|
|||||||||||
Weighted average shares outstanding of Class A ordinary shares
|
20,000,000 |
—
|
20,000,000 | |||||||||
Basic and diluted net income per Class A ordinary share
|
$
|
0.00 |
$
|
0.56 |
$
|
0.56
|
||||||
Weighted average shares outstanding of Class B ordinary shares
|
5,000,000 | — | 5,000,000 | |||||||||
Basic and diluted net loss per Class B ordinary share
|
$
|
2.82 |
$
|
(2.26 | ) |
$
|
0.56
|
|||||
Statement of Cashflows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Initial value of shares subject to possible redemption
|
$ | 176,328,230 | $ | (176,328,230 | ) | $ | — | |||||
|
|
|
|
|
|
|||||||
Change in value of shares subject to possible redemption
|
$
|
14,094,640 |
$
|
(14,094,640 | ) |
$
|
—
|
|||||
|
|
|
|
|
|
|||||||
Financial Statements as of June 30, 2021
|
||||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary shares subject to possible redemption
($)
|
$
|
174,774,680 |
$
|
25,225,320 |
$
|
200,000,000 | ||||||
Class A ordinary shares, $0.0001 par value
|
252 | (252 | ) |
—
|
||||||||
Class B ordinary shares, $0.0001 par value
|
500 | — | 500 | |||||||||
Additional Paid in Capital
|
7,068,115 | (7,068,115 | ) |
—
|
Accumulated Deficit
|
|
|
(2,068,862
|
)
|
|
|
(18,156,953
|
)
|
|
|
(20,225,815
|
)
|
Total Shareholders’ Equity (Deficit)
|
|
$
|
5,000,005
|
|
|
$
|
(25,225,320
|
)
|
|
$
|
(20,225,315
|
)
|
Number of shares subject to redemption
|
|
|
17,477,468
|
|
|
|
2,522,532
|
|
|
|
20,000,000
|
|
Income Statement
|
|
|
|
|||||||||
Three Months ended June 30, 2021
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A ordinary shares
|
|
|
20,000,000
|
|
|
|
—
|
|
|
|
20,000,000
|
|
Basic and diluted net income per Class A ordinary share
|
|
$
|
0.00
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
Weighted average shares outstanding of Class B ordinary shares
|
|
|
5,000,000
|
|
|
|
—
|
|
|
|
5,000,000
|
|
Basic and diluted net
income
per Class B ordinary share
|
|
$
|
0.33
|
|
|
$
|
(0.26
|
)
|
|
$
|
0.07
|
|
Six Months ended June 30, 2021
|
|
|
|
|||||||||
Weighted average shares outstanding of Class A ordinary shares
|
|
|
20,000,000
|
|
|
|
—
|
|
|
|
20,000,000
|
|
Basic and diluted net income (loss) per Class A ordinary share
|
|
$
|
0.00
|
|
|
$
|
0.63
|
|
|
$
|
0.63
|
|
Weighted average shares outstanding of Class B ordinary shares
|
|
|
5,000,000
|
|
|
|
—
|
|
|
|
5,000,000
|
|
Basic and diluted net
income
per Class B ordinary share
|
|
$
|
3.15
|
|
|
$
|
(2.52
|
)
|
|
$
|
0.63
|
|
Cashflows
|
|
|
|
|||||||||
Initial value of shares subject to possible redemption
|
|
$
|
176,328,230
|
|
|
$
|
(176,328,230
|
|
|
$
|
—
|
|
Change in value of shares subject to possible redemption
|
|
$
|
15,757,350
|
|
|
$
|
(15,757,350
|
)
|
|
$
|
—
|
|
For the
Three Months
ended
September 30,
2021
|
For the
Nine Months
ended
September 30,
2021
|
For the
period from August 12, 2020 (inception) through September 30, 2020 |
||||||||||
Ordinary shares subject to possible redemption
|
||||||||||||
Numerator:
|
||||||||||||
Net income allocable to Class A ordinary shares subject to possible redemption
|
$ | 3,504,309 | $ | 16,110,186 | $ | — | ||||||
Denominator:
|
||||||||||||
Weighted Average Redeemable Class A ordinary shares, Basic and Diluted
|
20,000,000 | 20,000,000 | — | |||||||||
|
|
|
|
|
|
|||||||
Basic and Diluted net income per share, Redeemable Class A ordinary shares
|
$ | 0.18 | $ | 0.81 | $ | — | ||||||
|
|
|
|
|
|
|||||||
Non-
r
edeemable
o
rdinary shares
|
||||||||||||
Numerator:
|
||||||||||||
Net income (loss) allocable to Class B ordinary shares not subject to redemption
|
$ | 876,077 | $ | 4,027,546 | $ | (3,793 | ) | |||||
Denominator:
|
||||||||||||
Weighted Average Class B ordinary shares not subject to redemption, Basic and Diluted
|
5,000,000 | 5,000,000 | 4,375,000 | |||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net income per share, ordinary shares
|
$ | 0.18 | $ | 0.81 | $ | (0.00 | ) | |||||
|
|
|
|
|
|
Gross Procee
|
$ | 200,000,000 | ||
Less: Proceeds allocated to Public Warrants
|
(8,132,480 | ) | ||
Less: Issuance costs related to Class A ordinary shares
|
(11,113,697 | ) | ||
Plus: Accretion of carrying value to redemption value
|
19,246,177 | |||
|
|
|||
Class A ordinary shares subject to possible redemption
|
$ | 200,000,000 |
• |
in whole and not in part;
|
• |
at a price of $0.01 per warrant;
|
• |
upon a minimum of 30 days’ prior written notice of redemption; and
|
• |
if, and only if, the last reported sales price (the “closing price”) of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
a
period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.
|
• |
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
|
• |
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
|
• |
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
September 30,
|
Quoted
Prices In
Active
Markets
|
Significant
Other
Observable
Inputs
|
Significant
Other
Unobservable
Inputs
|
|||||||||||||
2021
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Description
|
||||||||||||||||
Assets:
|
||||||||||||||||
Marketable Securities held in Trust Account
|
$ | 200,011,323 | $ | 200,011,323 | $ | — | $ | — | ||||||||
Liabilities:
|
||||||||||||||||
Warrant Liability – Public Warrants
|
$ | 6,067,334 | $ | 6,067,334 | $ | — | $ | — | ||||||||
Warrant Liability – Private Warrants
|
$ | 3,700,400 | $ | — | $ | — | $ | 3,700,400 |
December 31,
|
Quoted
Prices In
Active
Markets
|
Significant
Other
Observable
Inputs
|
Significant
Other
Unobservable
Inputs
|
|||||||||||||
2020
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Description
|
||||||||||||||||
Assets:
|
||||||||||||||||
Marketable Securities held in Trust Account
|
$ | 200,002,204 | $ | 200,002,204 | $ | — | $ | — | ||||||||
Liabilities:
|
||||||||||||||||
Warrant Liability – Public Warrants
|
$ | 18,333,334 | $ | 18,333,334 | $ | — | $ | — | ||||||||
Warrant Liability – Private Warrants
|
$ | 12,002,850 | $ | — | $ | — | $ | 12,002,850 |
As of September 30,
2021
|
As of
December 31,
2020
|
|||||||
Share price
|
$ | 9.86 | $ | 10.12 | ||||
Strike price
|
$ | 11.50 | $ | 11.50 | ||||
Term (in years)
|
5.53 | 5.91 | ||||||
Volatility
|
14.1 | % | 39.5 | % | ||||
Risk-free rate
|
1.07 | % | 0.49 | % | ||||
Dividend yield
|
0.0 | % | 0.0 | % |
|
|
Warrant
Liabilities
|
|
|
Fair value at August 12, 2020
|
|
$
|
—
|
|
Initial measurement on October 23, 2020
|
|
|
13,067,756
|
|
Change in fair value
|
|
|
17,268,428
|
|
Transfer of Public warrants from Level 3 to Level 1
|
|
|
(18,333,334
|
)
|
|
|
|||
Fair value at December 31, 2020
|
12,002,850 | |||
Change in fair value
|
(5,887,993 | ) | ||
|
|
|||
Fair Value at March 31, 2021
|
6,114,857 | |||
Change in fair value
|
(671,814 | ) | ||
|
|
|||
Fair Value at June 30, 2021
|
5,443,043 | |||
Change in fair value
|
(1,742,643 | ) | ||
|
|
|||
Fair Value at September 30, 2021
|
$ | 3,700,400 | ||
|
|
*
|
These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
|
Dated: January 18, 2022 |
SARISSA CAPITAL ACQUISITION CORP.
|
|||||
By: |
/s/ Alexander Denner
|
|||||
Name: | Alexander Denner | |||||
Title: | Chairman of the Board of Directors and Chief Executive Officer (Principal Executive Officer) | |||||
Dated: January 18, 2022 |
SARISSA CAPITAL ACQUISITION CORP.
|
|||||
By: |
/s/ Patrice Bonfiglio
|
|||||
Name: | Patrice Bonfiglio | |||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |
1 Year Sarissa Capital Acquisit... Chart |
1 Month Sarissa Capital Acquisit... Chart |
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