SPACInsider Logo
Health Sciences Acquisitions Corporation 2 (HSAQ) Closes Orchestra BioMed Deal
by Nicholas Alan Clayton on 2023-01-27 at 10:00am

Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26.

HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change.  However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20 million from strategic partner Medtronic and additional investments by life sciences fund RTW.

Health Sciences 2 had about $67.7 million in its trust going into the vote after seeing 57.7% of shares redeemed in an earlier extension. Proceeds nonetheless exceeded the the transaction’s $60 million minimum cash condition.

The combined company will commence trading today on the Nasdaq under the symbol “OBIO”. Health Sciences 2 did not include warrants in its units when it IPO’d in August 2020.

The parties announced their $158 million deal with Orchestra BioMed in July 2022. New Hope, Pennsylvania-based Orchestra BioMed develops evidence-based therapeutic solutions for medical procedures that address major medical conditions, with a particular focus on cardiovascular diseases.


ADVISORS

  • Jefferies LLC and Piper Sandler & Co. acted as Joint Lead Placement Agents for the Series D Financing
  • Aegis Capital acted as Selling Agent.
  • Jefferies LLC is acting as lead financial advisor and a capital markets advisor to Orchestra BioMed.
  • Piper Sandler & Co. is acting as strategic advisor to Orchestra BioMed
  • Piper Sandler & Co. is acting as a capital markets advisor to Orchestra BioMed.
  • Chardan Capital Markets LLC is serving as financial and capital markets advisor to HSAC2
  • Barclays Capital Inc. is serving as financial and capital markets advisor to HSAC2.
  • Paul Hastings LLP is serving as legal counsel for Orchestra BioMed. Loeb & Loeb LLP is serving as legal counsel for HSAC2.
Recent Posts
by Marlena Haddad on 2023-05-26 at 5:41pm

Latest SPAC Liquidations: Social Capital Suvretta Holdings II & IV, Sculptor Acquisition Corp I, Logistics Innovation Technologies Corp., and Senior Connect I  Social Capital Suvretta Holdings Corp. II (DNAB) to Liquidate on June 30 On May 26,  Social Capital Suvretta Holdings Corp. II (NASDAQ:DNAB) announced that it would not complete its initial business combination by its...

by Marlena Haddad on 2023-05-26 at 5:39pm

Latest Non-Redemption Agreements:  Southport Acquisition Corp., and Social Leverage Acquisition Corp. I Southport Acquisition Corporation (PORT) Adds Non-Redemption Agreement On May 25, 2023, Southport Acquisition Corporation (NYSE:PORT) and its sponsor, Southport Acquisition Sponsor LLC, entered into voting and non-redemption agreements with unaffiliated third parties in exchange for such third parties agreeing  not to redeem an aggregate...

by Marlena Haddad on 2023-05-26 at 4:53pm

ST Energy Transition I Ltd. (NYSE: STET) announced this afternoon that it has cancelled its meeting to vote on an extension proposal. The SPAC initially announced the pricing of its $250 million IPO in December 2021 and had 18 months on its timeline to combine with a target. If the SPAC received shareholder approval of an...

by Marlena Haddad on 2023-05-26 at 11:32am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: VinFast recalls first batch of EVs in the US, Arrival seeks second chance with EV tax credits, and QualTek files for bankruptcy  Vietnam’s VinFast recalls first batch of US-bound EVs over safety risk Vietnamese...

by Nicholas Alan Clayton on 2023-05-26 at 9:23am

Embark Technology (NASDAQ:EMBK), which combined with Northern Genesis II in November 2021, announced this morning that it has agreed to merge with software firm Applied Intuition. The all-cash deal would give the company a total equity value of $71 million – a far drop from the roughly $5 billion valuation it had upon its Nasdaq...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved