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.
Terms Tracker for the Week Ending February 3, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The month of February started with an IPO, thanks to the pricing of Cetus Capital Acquisition Corp (Nasdaq: CETU) which began trading on February 1....
Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...
Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...