Special purpose acquisition company Healthcare Capital Corp. (Nasdaq: HCCC) announced today that it has secured its shareholders’ approval of the proposed business combination with Israeli medical device company Alpha Tau Medical. The transaction values the combined company at a pro forma equity value of US$1 billion, assuming no redemptions take place.
The combined company, expected to operate under Alpha Tau, plans to trade on the Nasdaq under the symbol “DRTS” and “DRTSW” for its shares and warrants, respectively.
With 65.64% of shareholders on record, around 94.57% voted for the proposed merger.
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Post-transaction, Alpha Tau shareholders will own 59.3% of the combined firm.
The blank check firm closed its US$275 million IPO in January 2021. According to its prospectus, it intended to pursue a business combination within the healthcare industry.
The Israeli firm focuses on research, development, and potential commercialization of the Alpha DaRT for the treatment of solid tumors.
Healthcare Capital last traded at US$10.08 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
