Social Capital Suvretta III (DNAC) to Postpone Shareholder Vote
by Nicholas Alan Clayton on 2022-07-06 at 9:24am

Social Capital Suvretta Holdings Corp. III (NASDAQ:DNAC) announced in an 8-K this morning that it intends to adjourn its 10 am ET special meeting to complete its combination with drug developer ProKidney and reconvene on a later unspecified date.

The reason given was 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.

Interestingly, there is a minimum cash closing condition of $500 million, but this is backstopped by a fully committed PIPE of $575 million at $10 per share. The PIPE is led by a $125 million contribution from Social Capital, with an additional $50 million from ProKidney’s existing investors, approximately $30 million from Suvretta Capital’s Averill strategy with the remaining $370 million coming from institutional investors and family offices.

Social Capital Suvretta III shares dropped -14.7% to a close at $8.41 yesterday after the SPAC passed its initial redemption deadline, but it is currently up about 7% in the pre-market.

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.

 

Recent Posts
by Nicholas Alan Clayton on 2025-03-28 at 8:21am

At the SPAC of Dawn The year’s first big IPO has arrived, and its wings have already been trimmed before it got out the gate. AI chip firm CoreWeave had been aiming to price at a range of $47 to $55 per share, which would have valued the company at $26.5 billion at the top...

by Nicholas Alan Clayton on 2025-03-27 at 8:18am

At the SPAC of Dawn Another day, another wave of trade war news as US President Donald Trump has announced fresh 25% tariffs on all imported automobiles on April 3 in addition to the new customs duties expected to come into force on April 2. These moves cut across a wide swath of SPAC target...

by Nicholas Alan Clayton on 2025-03-26 at 4:00pm

Armada Acquisition Corp. II has filed for a $200 million SPAC to combine with a fintech, SaaS or AI company with nearly the same team top-to-bottom that just completed its first SPAC combination in that space. The filing is Cohen & Company’s seventh of the year as left-lead underwriter and Northland Capital Markets is stepping in...

by Nicholas Alan Clayton on 2025-03-26 at 12:07pm

HCM II (NASDAQ:HOND) has entered into a definitive agreement to combine with nuclear reactor developer Terrestrial Energy at a pro forma equity value of $1.3 billion. Charlotte, North Carolina-based Terrestrial is developing unique molten salt nuclear reactors designed to generate enhanced heat outputs for industrial client processes. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-03-26 at 8:17am

At the SPAC of Dawn Rain or shine, legal challenges for SPACs do not appear to be going anywhere. Cornerstone Research found this week that the number of securities class action lawsuit settlements increased +6% in 2024 and suits targeted at SPACs or de-SPACs represented 19% of this total. On the plus side, the median...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved