Social Capital Suvretta Holdings III sharholders voted in favor of a business combination with ProKidney, a late clinical-stage cellular therapeutics company focused on CKD. ProKidney Class A ordinary shares begin trading today on the Nasdaq under the symbol PROK.
ProKidney has received approximately $597 million prior to transaction-related expenses, including approximately $20 million held in SCS’s trust account with the remaining amount from PIPE investors, which includes $125 million from Social Capital and an additional $50 million from existing ProKidney investors.
The SPAC launched by billionaire Chamath Palihapitiya disclosed in an 8-K filing that 22,829,769 shares were redeemed in connection with the merger vote. The SPAC raised $220 million in a June 2021 IPO.
As announced in January, the transaction was expected to deliver up to $825 million to ProKidney. Read more.
