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.
At the SPAC of Dawn SPACs announced two more business combinations and priced a IPO in the past 24 hours showing that activity is going to continue apace regardless of the present market volatility. Another major deal is rumored in the wind with Cantor Equity Partners I (NASDAQ:CEPO) reportedly nearing a major merger that would...
Texas Ventures Acquisition III Corp (NASDAQ:TVACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TVACU”, Wednesday, April 23, 2025. The new SPAC’s primary search focus will be on industrial technology, specifically companies implementing advanced technologies including software, mobile and IoT applications,...
GSR III Acquisition Corp. (NASDAQ:GSRT) has entered into a definitive agreement to combine with nuclear reactor developer Terra Innovatum at a pro forma equity value of $475 million. Terra Innovatum is developing small modular nuclear reactor designs that it envisions employing in urban power supply applications. The combined company is expected trade on the Nasdaq under...
At the SPAC of Dawn Despite a continued tumble in the broader market, SPACs are still making noise and seem more likely than ever to play a significant role in the 2025 equity markets. GSR III (NASDAQ:GSRT) became the 16th SPAC to announce a deal so far this year and it is of the latest...
Papaya Growth (OTC:PPYA) has entered into a definitive agreement to combine with Brazilian energy firm PX Energy at an equity value of $155 million subject to adjustment based on fuel places leading into close. São Mateus do Sul, Brazil-based PX operates a petroleum refining, recycling and mining operation that produces both fuel and agricultural products....