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.
- 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.
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