Protein sequencing company Quantum-Si and HighCape Capital Acquisition today said the SEC declared effective the proxy registration on their proposed merger. The two companies settled on a pre-money equity valuation of $810 million for the combined enterprise.
A meeting of HighCape stockholders to vote on the deal is set for June 9.
Pending stockholder approval, upon completion the combined company is expected to trade on the Nasdaq under QSI.
The transaction is expected to deliver up to $540 million of gross proceeds, including up to $115 million of cash held in HighCape’s trust account (assuming no redemptions). The transaction is supported by a $425 million PIPE at $10 per share, led by Foresite Capital Management, Eldridge, accounts advised by ARK Invest, Glenview Capital Management, and Redmile Group. The combined company is projected to have approximately $514 million in cash on the balance sheet after closing.
Quantum-Si has created a protein sequencing platform with the goal of revolutionizing the growing field of proteomics. Their semiconductor chip has the power to decode the molecules of life, starting with proteins, and holds the potential to expand the scale of the genomics and proteomics market beyond that of next-generation DNA sequencing, the company said in a statement. Read more.
