Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26.
HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20 million from strategic partner Medtronic and additional investments by life sciences fund RTW.
Health Sciences 2 had about $67.7 million in its trust going into the vote after seeing 57.7% of shares redeemed in an earlier extension. Proceeds nonetheless exceeded the the transaction’s $60 million minimum cash condition.
The combined company will commence trading today on the Nasdaq under the symbol “OBIO”. Health Sciences 2 did not include warrants in its units when it IPO’d in August 2020.
The parties announced their $158 million deal with Orchestra BioMed in July 2022. New Hope, Pennsylvania-based Orchestra BioMed develops evidence-based therapeutic solutions for medical procedures that address major medical conditions, with a particular focus on cardiovascular diseases.
ADVISORS
- Jefferies LLC and Piper Sandler & Co. acted as Joint Lead Placement Agents for the Series D Financing
- Aegis Capital acted as Selling Agent.
- Jefferies LLC is acting as lead financial advisor and a capital markets advisor to Orchestra BioMed.
- Piper Sandler & Co. is acting as strategic advisor to Orchestra BioMed
- Piper Sandler & Co. is acting as a capital markets advisor to Orchestra BioMed.
- Chardan Capital Markets LLC is serving as financial and capital markets advisor to HSAC2
- Barclays Capital Inc. is serving as financial and capital markets advisor to HSAC2.
- Paul Hastings LLP is serving as legal counsel for Orchestra BioMed. Loeb & Loeb LLP is serving as legal counsel for HSAC2.
Real estate marketplace Opendoor (NASDAQ:OPEN) is poised to be the latest de-SPAC to take a double-digit jump on earnings as it heads towards the weekend up +10%, having spiked as high as +27% earlier in the day. The movement comes as the former Social Capital II target reported progress towards profitability despite a high rates...
At the SPAC of Dawn Coinbase (NASDAQ:COIN) notched a surprise profit of over $1.5 billion in the first quarter of 2024, well exceeding estimates, demonstrating the powerful effect of publicly traded ETFs have had on crypto marketplaces since the start of the year. The result has pushed the company to bump up its own guidance...
Online casino and sports company Rush Street (NYSE:RSI) is up +18.4% in trading today on the back of a solid first quarter earnings release, bringing the company’s stock to its highest price since the second half of 2022 (currently $7.60). This makes it the latest in a line of 2020 and 2021 de-SPACs that have...
Mountain Crest V (NASDAQ:MCAG) broke a long dealmaking silence by SPACs this morning, albeit with a non-binding agreement to combine with Seoul-based diagnostic biotech firm CUBEBIO. The term sheet would give the company a $620 million pre-transaction equity value and help accelerate the rollout of CUBEBIO’s CEED-NOVUS cancer screening kit products. The company signed an...
Churchill Capital Corp IX (NASDAQ:CCIXU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIXU”, Thursday, May 2, 2024. The new SPAC will conduct a broad search and has not limited itself to any particular sector or focus, but it plans to...