NorthView Acquisition filed an investor presentation promoting its proposed merger with digital health company Profusa.
Based in Emeryville, CA, Profusa “is pioneering the next generation of personalized medicine via the development of novel tissue-integrated biosensors. Profusa’s technology addresses the human body’s response to the presence of foreign material, enabling long-term monitoring of various biochemical parameters in real-time.”
The deal has an equity value of $169.7 million, which assumes no further redemptions and includes the SPAC’s $9 million in trust plus a $1 million PIPE, according to the presentation.
Profusa has invested almost $100 million over the last decade developing its biosensor equipment and technology, according to the presentation.
Estimated cash proceeds at deal announcement in November 2022 were expected to consist of NorthView’s approximately $39 million of cash in trust, which assumed 80% redemptions or approximately $193 million with no redemptions.
However, redemptions on extension votes have pulled the trust down to about $9 million. Projections show the SPAC may have only $5 million if trust if there are further redemptions ahead of the merger vote.
Northview shareholders last month on a unanimous vote granted the SPAC a completion extension to September. The SPAC said following redemptions 5,931,825 shares remain outstanding.
Northview raised $189.75 million in a December 2021 IPO. The SPAC is led by Co-Founder, Director and CEO Jack Stover, who was previously president and CEO of Interpace Biosciences. Read more.
