Hyperfine, creator of the first FDA-cleared portable MRI, and Liminal Sciences, a medical device development company, today announced a definitive business combination agreement with HealthCor Catalio Acquisition. The deal gives the combined companies an enterprise value of $580 million.
If shareholders approve, upon closing the new company will be named Hyperfine and will list on the Nasdaq under HYPR.
The transaction would provide the combined company with approximately $375 million of cash to drive the business through its investment phase and to positive cash flow, assuming no redemptions. The combined company’s estimated cash balance will consist of $207 million from the SPAC trust fund, $126 million from a PIPE, and $66 million from the balance sheets of Hyperfine and Liminal, less $24 million transaction expenses.
Pro forma following the business combination and the PIPE, the securityholders of Hyperfine and Liminal are expected to own approximately 59% of the combined company, assuming no redemptions.
There will be no selling stockholders in the transaction. Read more.
