Healthcare Capital Corp. (NASDAQ:HCCC) has adjourned its special meeting held this morning without finalizing its shareholder vote to approve its combination with cancer drug developer Alpha Tau.
Healthcare Capital stated that the adjournment is intended to allow more time to satisfy the closing conditions. Additionally, HCCC noted that although a sufficient number of HCCC stockholders had voted to approve the proposed business combination, not all of the conditions to effect the closing were satisfied. Most likely this is the minimum cash closing condition of $225 million.
HCC is financing the deal with $275 million from its current trust supplemented by a $92 million PIPE at $10 per share. The PIPE drew participation from Yozma, Grand Decade Development, OurCrowd, Medison Group, Regah Ventures and Apax Partners Co-Founders Alan Patricof and Sir Ronald Cohen.
The shareholder vote will now be held on Friday, February 18, 2022 at 10:00 a.m. Eastern Time.
HCCC share price spiked 2.61% today and is now up 0.10% to $9.84 in after hours following the news.
Healthcare Capital originally announced its $650 million deal with Alpha Tau last summer on July 8. Jerusalem-based Alpha Tau is developing unique cancer treatments that utilize alpha radiation to attack tumors with reduced damage to surrounding tissues and cells.
ADVISORS
- Citigroup is acting as financial advisor to Alpha Tau.
- Citigroup, Piper Sandler, and Cantor Fitzgerald are acting as joint placement agents on the PIPE.
- Cantor Fitzgerald is acting as a capital markets advisor to HCC.
- Value Base M&A Ltd. is also acting as financial advisor on the transaction.
- Latham & Watkins LLP and Meitar | Law Offices are acting as legal advisors to Alpha Tau.
- Ellenoff Grossman & Schole LLP and FBC & Co. are acting as legal advisors to HCC.
- Winston & Strawn LLP is acting as legal advisor to the placement agents.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....