UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 21, 2021

BIOTECH ACQUISITION COMPANY
(Exact name of registrant as specified in its charter)

545 West 25^th Street, 20^th Floor

New York, NY 10001

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (212) 227-1905

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 8.01 Other Events.

On April 12, 2021, the staff (the “Staff”) of the Division of Corporation Finance of the Securities and Exchange Commission issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies” (the “Staff Statement”). The Staff Statement highlighted the potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings and private placements of special purpose acquisition companies (“SPACs”), including the warrants issued by Biotech Acquisition Company (the “Company”) on January 28, 2021 in connection with the completion of the Company’s initial public offering and concurrent private placement. The Staff Statement reflected the Staff’s view that, in many cases, warrants issued by SPACs should be classified as liabilities for accounting purposes, rather than as equity, unless certain conditions are met.

On May 13, 2021, the Audit Committee of the Board of Directors of the Company determined, after discussion with the Company’s management and advisors, that the Company’s audited balance sheet as of January 28, 2021 included as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 3, 2021 (the “Prior 8-K”) should no longer be relied upon due to changes required to reclassify the Company’s warrants as liabilities in order to align the Company’s treatment of its warrants with the Staff Statement. The Company plans to reflect this reclassification in its upcoming Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, to be filed with SEC. In addition, the audit report of Marcum LLP included in the Company’s Prior 8-K should no longer be relied upon.

The Company does not expect the changes described above to have any impact on its cash position or the balance held in the trust account.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 21, 2021