Senti Biosciences and Dynamics Special Purpose today announced a definitive business combination agreement to create a public company focused on gene circuit-engineered cell and gene therapies.
The transaction values the combined company at a pro forma equity value of $601 million, assuming no shareholder redemptions. If approved, the combined company is expected to have more than $296 million in gross proceeds from approximately $230 million in cash held in Dynamics’ trust (again, assuming no redemptions) and a PIPE of more than $66 million.
Existing Dynamics shareholders, including funds managed by ARK Investment Management LLC, funds and accounts managed by Counterpoint Global (Morgan Stanley Investment Management), Invus, funds and accounts advised by T. Rowe Price Associates, Inc., have, in the aggregate, committed not to redeem over $86 million of Dynamics’ publicly traded shares in exchange for receiving approximately 965,000 newly issued shares of common stock, attributable to an equal number of shares currently owned by Dynamics Sponsor that will be surrendered to the combined company. Read more.
