Amplitude Healthcare Acquisition Corp

Cash fell by $21.4 million over six months while the reported loss shrank by $44 million — the loss improvement is mostly a warrant revaluation and a four-fifths cut in R&D spend, not cash generation. Equity of $1.4 million sits against $7.8 million of current liabilities.

The $132 million closed in July, after the June 30 balance-sheet date, so the $7.3 million cash figure and the runway-to-2028 statement describe two different moments. The preferred stock is non-voting and its conversion requires a shareholder vote that has not happened, so the dilution it represents is contingent on that approval.

The CVRs are not transferable except in limited circumstances, are not certificated, and will not be registered with the SEC or listed on any exchange, so a holder cannot sell the claim. If the milestone is met by the Expiration Date but no Monetization Event has occurred, the CVRs do not expire and the payment falls due 90 days after that event; on a Change of Control the payment comes at the earlier of consummation or 90 days after monetization.

Two structural features stand out for a former AMHC holder. A Parent Net Cash calculation means the exchange ratio flexes with how much cash Jasper actually has at closing, so continued burn between signing and closing directly reduces what existing holders keep. A Contingent Value Right means part of the consideration is deferred and conditional rather than paid in shares up front. The excerpt is the agreement's structure rather than its numbers, so the ratio and ownership split must be read from the merger consideration section itself.

The financing is the operative fact: roughly $132 million of new preferred plus $12 million of upfront licensing cash is stated to fund the combined company through the second half of 2028, which converts a cash-constrained de-SPAC into one with a multi-year runway. The cost is dilution — an all-stock acquisition plus non-voting convertible preferred means existing JSPR holders are diluted twice, once by Kira's shareholders and again on conversion of the preferred at whatever terms the purchase agreement sets.

Four amendments in, the registered amounts have not moved, so the structure stated at the outset holds: a separate 1,000,000-share non-voting class for certain Jasper stockholders, and 3,055,975 of the 27,500,000 voting shares reserved for Jasper options and restricted stock awards that AMHC assumes on consummation rather than issued as consideration. The prices rest on $9.91, the Nasdaq Capital Market high-low average for AMHC's Class A Common Stock on June 1, 2021, well before this amendment.

What changed: Jasper Therapeutics, Inc. filed an 8-K on August 26, 2026, reporting that it received a notice from Nasdaq on August 21, 2026, stating the company no longer satisfies the minimum stockholders' equity requirement of $2,500,000 under Nasdaq Listing Rule 5550(b)(1), based on its Quarterly Report on Form 10-Q for the period ended June 30, 2026. The filing states the notice has no immediate effect on listing but requires the company to submit a compliance plan by October 5, 2026. The company anticipates regaining compliance through stockholder approval of the conversion of outstanding Non-Voting Convertible Preferred Stock at a special meeting. Why it matters: This filing signals a potential delisting risk for Jasper Therapeutics (JSPR) due to failing the $2.5 million stockholders' equity standard. While the SPAC AMHC is closed, this event impacts the post-merger entity's trading status and liquidity. The outcome depends on whether Nasdaq accepts the compliance plan and whether stockholders approve the preferred stock conversion; failure could lead to suspension or delisting, though the company expects to request a hearing if necessary.

What changed: The 10-Q filed under Commission file number 001-39138 is that of Jasper Therapeutics, Inc. (Nasdaq: JSPR, with ten warrants exercisable for one share at $115.00) for the quarter ended June 30, 2026. Cash and equivalents were $7,314 thousand against $28,692 thousand at December 31, 2025 and total assets $11,802 thousand against $35,779 thousand. Total liabilities fell to $10,389 thousand from $31,628 thousand, driven by the warrant liability dropping to $2,544 thousand from $16,164 thousand, and stockholders' equity was $1,413 thousand. Why it matters: Cash fell by $21.4 million over six months while the reported loss shrank by $44 million — the loss improvement is mostly a warrant revaluation and a four-fifths cut in R&D spend, not cash generation. Equity of $1.4 million sits against $7.8 million of current liabilities.

What changed: Jasper Therapeutics, Inc. issued a press release dated August 14, 2026 reporting second quarter 2026 results and a corporate update. It states that on July 16, 2026 Jasper completed the all-stock acquisition of Kira Pharmaceuticals and, concurrently, entered a securities purchase agreement for non-voting convertible preferred stock in a private placement co-led by Affinity Asset Advisors and Ikarian Capital that produced total gross proceeds of approximately $132 million. Why it matters: The $132 million closed in July, after the June 30 balance-sheet date, so the $7.3 million cash figure and the runway-to-2028 statement describe two different moments. The preferred stock is non-voting and its conversion requires a shareholder vote that has not happened, so the dilution it represents is contingent on that approval.