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 May 17, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed to price their third IPO in the month of May this week with RF Acquisition Corp. II‘s $100 million offering. RF II’s IPO...
At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...
RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...
AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...
At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...