Alpha Healthcare Acquisition Corp. III (NASDAQ:ALPA) announced this afternoon that it has closed its combination with drug developer Carmell having secured shareholder approval at a special meeting on July 11.
The combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “CTCX” and “CTCXW” on July 17.
The SPAC also divulged in an 8-K that it had better-than-average redemptions in the end with 81.5% of shares redeemed, leaving it with $29.5 million in trust.
It achieved this result thanks in part to a non-redemption agreement and forward purchase agreement it signed earlier this week through which Meteora Capital Partners agreed to hold onto 9.5% of its equity through close. After expenses, Alpha Healthcare III expects Carmell to add $16.1 million to its balance sheet.
Some of that capital may be immediately put to work as the parties announced they had signed an LOI to acquire a commercial-stage biotech firm following close for $8 million in cash and $57 million in Carmell stock.
Alpha Healthcare III initially inked the $188 million merger with Carmell in January. Pittsburgh-based Carmell is developing a treatment platform to accelerate healing in bone fractures and soft tissue wounds.
ADVISORS
- Goodwin Procter LLP acted as legal counsel to Alpha Healthcare III.
- Troutman Pepper Hamilton Sanders LLP acted as legal counsel to Carmell.
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