Merger PAICU

Revelation Biosciences, Inc., to Become Publicly Traded Through a Merger with Petra Acquisition, Inc.

, SPAC Research

Revelation Biosciences, Inc., a clinical-stage life sciences company focused on the development of immunologic‑based therapies for the prevention and treatment of disease, and Petra Acquisition, Inc. (NASDAQ: PAICU, PAIC), today announced they have entered into a definitive merger agreement for a business combination that will result in Revelation becoming a publicly traded company.

Revelation’s lead product candidate REVTx-99 has potential, through innate immune system stimulation, to broadly prevent or treat infections caused by various respiratory viruses such as SARS-CoV-2 including its variants, influenza A and B, parainfluenza, rhinovirus, and respiratory syncytial virus (RSV).

The Combined company is expected to have a post-transaction pro forma total enterprise value of approximately $128 million.

The combined entity will have an estimated pro forma enterprise value of approximately $128 million.

Assuming no trust account redemptions by Petra’s public stockholders, Revelation’s existing stockholders will own approximately 54% of the fully diluted shares of common stock of the combined company immediately following the closing of the business combination.

The combined company expects to receive approximately $73 million in gross proceeds from the trust account, assuming no redemptions by Petra’s existing public shareholders. The cash proceeds from the transaction are expected to fund the continued development of REVTx-99, Revelation’s lead therapeutic candidate. REVTx-99 is being developed to prevent or treat respiratory viral infections and chronic nasal congestion. Proceeds from the transaction will also be used to fund the continued development of REVDx-501, a rapid point-of-care diagnostic that can be used to detect various respiratory viral infections, regardless of virus type and without the need for specialized instrumentation.

Following the closing of the transaction, the company will be led by existing management from Revelation, including CEO James Rolke.

The transaction has been approved by the Board of Directors of both Petra and Revelation and is subject to the satisfaction of customary closing conditions, including the approval of Petra’s stockholders. The transaction is expected to close in the fourth quarter of 2021.

Roth Capital Partners is acting as financial advisor to Revelation. LifeSci Capital is acting as financial and capital markets advisor to Petra. Loeb & Loeb is acting as legal counsel to Petra. Fox Rothschild and J.P. Galda & Co are acting as legal counsel to Revelation.

Merger expected to close in Q4 2021, and combined company will be listed on NASDAQ under the ticker symbol “REVB”

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