Amanat Acquisition to Merge with Corxel Pharmaceuticals in Business Combination

Amanat Acquisition Corp. (Nasdaq: AMAN) and Corxel Pharmaceuticals, Inc. have entered into a definitive business combination agreement to create a publicly traded obesity-focused biopharmaceutical company. The transaction, announced on October 26, 2026, is expected to close in the first half of 2027.

Under the terms of the agreement, Amanat will merge with Corxel, with Corxel serving as the surviving entity. As part of the transaction, Amanat will undergo a domestication, converting from a Cayman Islands exempted company to a Delaware corporation. In connection with this, Amanat’s shareholders will have the right to redeem their Class A ordinary shares for cash equal to the pro rata portion of the funds in Amanat’s trust account.

Corxel’s current stockholders will receive shares of the combined company’s common stock, with the exchange ratio based on an implied equity value of $200 million. The combined entity is expected to list its common stock on the Nasdaq Capital Market under a new ticker symbol.

The transaction includes a concurrent private investment in public equity (PIPE) of approximately $300 million. This financing is oversubscribed and includes commitments from investors such as RTW Investments, New Enterprise Associates (NEA), and RA Capital Management. Combined with approximately $75 million already held in Amanat’s trust account, the transaction is expected to provide approximately $377 million in gross proceeds, assuming no redemptions by Amanat shareholders.

Corxel is developing a portfolio of oral therapies for obesity and cardiometabolic conditions. Its lead candidate, CX11, is a once-daily oral small-molecule GLP-1 receptor agonist that has completed Phase 2 clinical development in the United States. In a U.S. Phase 2 obesity trial, CX11 achieved a mean body-weight reduction of up to 11.5% at Week 36. The company has also aligned with the U.S. Food and Drug Administration (FDA) on key elements of CX11’s regulatory path and Phase 3 trial design.

Corxel is also advancing CX12, an investigational oral small-molecule amylin receptor agonist in preclinical development. The transaction is expected to provide the combined company with sufficient capital to support operations through 2029 and fund the global Phase 3 development program for CX11.