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.
As the 2025 market environment settles in, SPACs have an increasingly defined role within the capital markets ecosystem, more often bringing midcap companies public, while traditional IPO deal flow has skewed smaller over time. And, as this new analysis shows, SPACs have been frequently offering investors higher upside when these companies excel. Of course, as...
At the SPAC of Dawn Despite the jitters sent through the market ahead of today’s festival of tariff implementations, SPACs have shown themselves to be unconcerned with “Liberation Day” as two teams priced their IPOs and will debut in the eye of the storm later today. That makes for four new SPAC listings on the...
Soulpower Acquisition Corporation (NYSE:SOUL.U) announced the pricing of its upsized $220 million IPO and its units are expected to begin trading on the NYSE under the symbol “SOUL.U”, Wednesday, April 2, 2025. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but will focus...
Sizzle Acquisition Corp. II (NASDAQ: SZZLU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SZZLU”, Wednesday, April 2, 2025. Sizzle II plans to search for a target in a range of industries and combine with an established business of scale poised...
In March 2025, SPAC activity remained largely in line with February, though notable shifts emerged across extensions, announced transactions, and completions. Extension activity remained steady, with a slight increase in the number of SPACs seeking additional time. However, later-stage extensions became more common, reflecting a maturing SPAC landscape. Announced transaction volume continued to be weak,...