S-4 Filing

The SPAC’s sponsor Double Venture Holdings has twice deposited $1.38 million into the trust account for deadline extensions since the deal was announced almost a year ago.

The SPAC raised $90 million in a November 2020 IPO with stated plans to target healthcare companies in North America and Asia-Pacific.

Under terms of the proposed transaction announced less than two weeks ago, VHAQ will issue 25 million shares to current security holders of Suneva. Suneva stockholders may also receive up to 12 million earn out shares if certain stock price thresholds are met.

If approved, the merged companies would have an enterprise value of $829 million.

As announced back in August, the transaction is expected to raise approximately $600 million.

In addition to the $115 million held in Helix Acquisition’s trust (assuming no redemptions), the transaction also includes commitments for a $115 million PIPE led by the SPAC’s sponsor Cormorant Asset Management.

The total equity investment of approximately $1.2 billion would be used to pay down existing debt and conservatively capitalize Getty’s balance sheet.

As announced in November, the transaction is expected to deliver up to $244 million.

The deal values the combined company at $1.03 billion.