Health Sciences Acquisitions 2 in a regulatory filing said shareholders approved extending the SPAC’s merger deadline from Aug. 6 until Nov. 6. That would give the company more time to finalize its proposed acquisition of Orchestra BioMed™ . The filing made no mention of redemptions, if any.
The deal is structured to provide a minimum of $70 million in gross proceeds to the combined company at closing, and up to $160 million in the event of no redemptions.
Proceeds include $20 million in total forward purchase agreements from Medtronic and RTW (an affiliate of HSAC2’s sponsor and a life sciences investment firm), as well as an up to $50 million backstop agreement with RTW.
The combined company is expected to have a fully diluted pro forma market cap of $407 million assuming no redemptions and the $317 million minimum gross cash condition is met. Read more.
