Social Capital Suvretta Holdings Corp. III (NASDAQ:DNAC) announced this morning that its shareholders approved its combination with drug developer ProKidney at a special meeting held yesterday afternoon.
An 8-K that was also filed this morning disclosed that 22,829,769 of DNAC ordinary shares were presented for redemption, representing 91.319% of DNAC’s trust. ProKidney received total gross proceeds of approximately $597 million from the transaction, which it expects to use to fund Phase 3 study of REACT, accelerate manufacturing scale-out, and prepare for its global commercial launch to treat patients with late-stage chronic kidney disease and at high risk of kidney failure.
The approval comes just one week after DNAC adjourned its original special meeting citing that the parties needed additional time to satisfy “conditions to closing of the Business Combination with respect to approval by The Nasdaq Capital Market of a listing application” for the combined company’s shares.
The newly formed company is named ProKidney Corp. and its shares will start trading on the Nasdaq under the symbol “PROK” today, July 12, 2022.
The parties initially announced their $1.8 billion combination on January 18. Winston-Salem, North Carolina-based ProKidney has launched Phase III trials of its REACT cellular therapy which promises to slow the progression of chronic kidney disease (CKD) and potentially regenerate tissues and function.
ADVISORS
- Citigroup acted as sole financial advisor and capital markets advisor to ProKidney.
- Citigroup, Morgan Stanley, Evercore, Jefferies, and UBS acted as placement agents for a portion of the PIPE.
- BofA Securities acted as capital markets advisor to SCS.
- Wachtell, Lipton, Rosen & Katz acted as legal advisor to SCS.
- Davis Polk & Wardwell LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C acted as legal advisors to ProKidney.
- Winston & Strawn LLP is serving as legal advisor to the PIPE placement agents.
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...