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.
Cayson Acquisition Corp. announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CAPNU”, Friday, September 20, 2024. The new SPAC intends to focus its search on Asian businesses, but does not expect to combine with a Chinese variable interest entity (VIE). Cayson’s...
At the SPAC of Dawn The Fed’s surprisingly aggressive decision to cut rates by 50 basis points yesterday gave a big boost to several SPACs and de-SPACs, many of which had endured a long slump while uncertainty over the coming interest rate climate reigned. None had a better day on paper than digital transformation firm...
Roman DBDR II (NASDAQ:DRDB) has filed for a $200 million SPAC with serial sponsor terms just as the team’s first deal undergoes a transition with other SPAC personalities. This new vehicle has its trust overfunded to 100.5% with $10.05 per share in trust out the gate. It also has 1/2 warrants in its units with...
At the SPAC of Dawn Christmas Day has finally arrived for SPAC watchers pining for a rate cut. The only question is how many basis point presents will they find under the tree when Fed Chair Jerome Powell takes the podium at 2 pm ET today. This is far from the only economic indicator set...
YHN Acquisition I Limited announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YHNAU”, Wednesday, September 18, 2024. The new SPAC’s search will not be limited to a particular industry or geographic location, but the sponsors intend to target companies with a...