By Stephen Nakrosis

Shares of blank-check company Newcourt Acquisition were trading higher on the Nasdaq on Wednesday, a day after the company's business combination target signed a securities purchase agreement for up to $10 million.

Shares of Newcourt were trading 17% higher shortly after noon EST, at $11.75 each. Volume at the time topped 55,000 shares, above the 65-day average volume of 1,861 shares.

On Tuesday, Psyence Biomedical Ltd., a subsidiary of Psyence Group Inc., said it signed the securities purchase agreement with a U.S.- based investment firm. The deal is expected to close concurrently or immediately prior to Psyence Biomedical's business combination with Newcourt, the subsidiary said. The SPAC deal will see Psyence Biomedical become a publicly traded company.

Psyence Group said it is "pioneering the use of natural psilocybin in mental health and well-being."

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

January 17, 2024 13:15 ET (18:15 GMT)

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