Virtual behavioral healthcare company Talkspace and Hudson Executive Investment completed their business combination. The new company has an initial enterprise value of $1.4 billion.
Talkspace shares and warrants begin trading today on the Nasdaq under TALK and TALKW, respectively.
The pro-forma entity is expected to have $250 million of available cash, which will be used to grow its user base, add partnerships and expand internationally. The SPAC’s shareholders approved the transaction last week.
Nearly 26 million shares were presented for redemption, the SPAC said in an 8-K filing, leaving approximately $154.4 million in the trust account.
The merger was funded with the SPAC’s cash in trust, a $25 million forward purchase and an additional $25 million committed by the sponsor to backstop redemptions, as well as a $300 million PIPE. Read more.
