Rockley Photonics, a global supplier of integrated silicon photonic chips and modules, today announced that it has entered into a definitive agreement to combine with SC Health Corp.
Pending shareholder approval, at closing Rockley would trade on the NYSE under RKLY. The deal gives the combined company at a pro forma enterprise value of $1.2 billion.
The transaction is expected to deliver up to $323 million of gross proceeds to the combined company, including up to $173 million of cash held in SC Health’s trust account. The combination is supported by a $150 million PIPE at $10. per share, with participation from institutional investors including Senvest Management and UBS O’Connor, and participation from Medtronic.
Existing Rockley shareholders will roll 100 percent of their equity into the combined company.
The deal is expected to close in the second quarter. Read more.
