Austin Biosciences Corp. executed a definitive business combination agreement to acquire Financial Strategies Acquisition Corp. (NasdaqCM:FXCO) FSC Sponsor LLC, Celtic Sponsor VII LLC, Lighthouse Investment Partners, LLC, Lighthouse Investment Partners, LLC and others for approximately $130 million in a reverse merger transaction on February 13, 2023. Under the terms of the proposed transaction, Austin Biosciences's shareholders will receive an aggregate of 12.5 million shares of FXCO's Class A common stock (the "Class A Shares") in exchange for all of the capital stock of Austin Biosciences, with the valuation and allocation of shares subject to a fairness opinion and adjustment upon closing and as contemplated by the terms of the business combination agreement. Assuming that no FXCO shareholders elect to redeem their shares, the market capitalization of the combined companies will be approximately $166.3 million. Financial Strategies Acquisition Corp. estimates that the current shareholders of Austin Biosciences will own approximately 75% of the issued and outstanding shares of the combined companies at closing. Upon closing of the transaction, Alexander V. Schinzing will serve as Chairman and will serve as Chief Executive Officer of Austin Biosciences. The Company's common stock is expected to be listed on the Nasdaq Capital Market under the ticker symbol "ASTN."

The transaction has been approved by the respective board of directors of FXCO and Austin Biosciences and is subject to the approval of Austin Biosciences and FXCO shareholders at or prior to the Closing, the directors and officers of SPAC shall have resigned or otherwise removed, effective as of or prior to the Closing, The SPAC New Common Shares shall have been approved for listing on NASDAQ., Registration Statement shall have been declared effective by the SEC and shall remain effective as of the Closing, either immediately prior to or upon the Closing, after giving effect to the Redemption and any receipt of proceeds from any PIPE Investment, SPAC shall have net tangible assets of at least $5,000,001, he expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and subject to other customary conditions. As of June 13, 2023, Board of Directors of Financial Strategies Acquisition approved an extension of the period of time available to consummate an initial business combination by one month from June 14, 2023 to July 14, 2023. The transaction is expected to close in the second quarter of 2023.