HealthCor Catalio Acquisition today filed a preliminary proxy on Form S-4 outlining its proposed mergers with Hyperfine, creator of the first FDA-cleared portable MRI, and Liminal Sciences, a medical device development company.
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.
Announced in July, the transaction would provide the combined companies with approximately $375 million. The merged company’s estimated cash balance will consist of $207 million from the SPAC’s trust, $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. Read more.