SC Health filed an amended 8-K today noting that 46.23 percent of its ordinary shares were redeemed during a vote on extending the SPAC’s deadline to complete a merger. The original filing stated that redemptions amounted to about 35 percent of eligible voting shares.
The SPAC is in a pending merger agreement with Rockley Photonics, a global supplier of integrated silicon photonic chips and modules. Announced last month, the transaction is expected to deliver up to $323 million of gross proceeds to the combined company.
Although a majority of shareholders voted April 14 to approve a deadline extension for the merger to August 16 from April 16, the SPAC said redemptions totaled nearly $81 million, leaving almost $94 million in trust.
SC Health has commitments for a $150 million PIPE to support the merger, although following the share redemptions it would come up short in covering the Rockley acquisition, though now with four extra months to seal the deal. Read more.
