Social Capital Suvretta I (NASDAQ:DNAA) announced in an 8-K this afternoon that its shareholders have approved its combination with digital medicine company Akili Interactive at a special meeting held yesterday.
Approximately 99.09% of DNAA shareholders opted to redeem their shares, leaving just 227,252 shares left in the SPAC’s trust. This marks the 4th highest redemption amount throughout 2022 thus far trailing behind Agrico, CC Neuberger Principal Holdings II, and ITHAX, which saw redemptions of 99.8%, 99.4% and 99.4%, respectively.
Akili was able to raise more than $163 million from the transaction, before deducting transaction expenses and advisory fees, which, together with cash on hand, the company expects will be sufficient to fund at least 24 months of business operations. Proceeds from the deal will be used to fund the commercial launch of EndeavorRx, a prescription digital therapeutic for pediatric ADHD, as well as its expansion into further patient populations.
Social Capital Suvretta I backed the deal with a $162 million PIPE at $10 per share. Social Capital put up $100 million of the PIPE with the remaining $62 million split among Suvretta Capital’s Averill strategy, Apeiron Investment Group, Temasek, PureTech Health, Polaris Partners, Evidity Health Capital, JAZZ Venture Partners, and Omidyar Technology Ventures.
The newly formed company, Akili, Inc., is now expected to start trading on The Nasdaq under the new ticker symbol “AKLI” on August 22, 2022.
The SPAC announced the $1 billion deal with Akili earlier this year on January 26, 2022. Boston-based Akili is developing a range of video games designed to serve as digital therapeutics for patients suffering from ADHD, autism, multiple sclerosis and other cognitive ailments.
Advisors
- Morgan Stanley & Co. LLC and Cowen and Company, LLC are serving as financial advisors to Akili.
- Morgan Stanley, Credit Suisse, and Cowen are serving as co-placement agents to SCS with respect to the portion of the PIPE financing raised from non-insider qualified institutional buyers and institutional accredited investors.
- Morgan Stanley, Credit Suisse, and Cowen are not acting as agents or participating in any role with respect to, and will not earn any fees from, the portion of the PIPE financing raised from insiders and individual investors.
- Credit Suisse and Cowen are serving as capital markets advisors to Akili.
- BofA Securities, Inc. is acting as capital markets advisor to SCS.
- Goodwin Procter LLP is serving as legal counsel to Akili.
- Wachtell, Lipton, Rosen & Katz is serving as legal counsel to SCS.
- Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to the PIPE placement agents.
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...