Akili Interactive, a digital medicine company developing cognitive treatments through game-changing technologies, has entered into a definitive agreement to merge with Social Capital Suvretta Holdings I. Pending shareholder approval, the transaction is expected to close in mid-2022, after which Akili would be listed on the Nasdaq under the new ticker symbol AKLI.
Blank-check company veteran Chamath Palihapitiya is founder and CEO of the SPAC.
The transaction implies a post-money equity value of the combined company of up to approximately $1 billion and is expected to deliver up to $412 million in gross cash proceeds to Akili, including up to $250 million of cash held in SCS’s trust account and $162 million from PIPE investors at $10 per share. All references to available cash from the trust account and retained transaction proceeds are subject to redemptions by the public shareholders of SCS and payment of transaction expenses. Akili plans to use the net proceeds to help fund the company’s go-to-market strategy, to further advance its pipeline of prescription digital therapeutics targeting a range of chronic and acute cognitive disorders, and for other general corporate purposes.
Existing Akili shareholders will roll 100% of their equity into the combined company and will be eligible to receive additional SCS shares through an earnout based on future stock performance.
Palihapitiya is expected to join Akili’s board of directors as chair, upon the close of the transaction. Read more.
