Deerfield Healthcare Technology. (NASDAQ:DFHT) announced that its shareholders have approved its business combination with CareMax with the much-coveted zero-redemption vote at a special meeting Friday.
The parties expect to close the transaction Tuesday, June 8, after which CareMax and IMC will become wholly owned subsidiaries of Deerfield, which will be renamed CareMax. The combined company’s shares and warrants will commence trading Wednesday, June 9 on the Nasdaq under the new trading symbols “CMAX” and “CMAXW”, respectively.
This marks nine out of ten positive votes and completions since May 1 (90% positive rate), with Deerfield opening June 2, the day of its redemption deadline, at $14.45. That made it an easy decision for investors to hold onto their shares.
Deerfield and CareMax initially announced their $692 million deal on December 18. Since its founding in 2011, CareMax has built its practice based on proactively fulfilling members’ medical, mental and social needs – something the company calls “whole person health”, that leads to improved patient health and lower costs to the healthcare system.
The SPAC noted that all other measures on the ballot including the combined company’s incentive plan were also approved, but full tallies will not be available until it files an 8-K detailing the vote.
- Deutsche Bank Securities Inc. and UBS Investment Bank are acting as financial advisors and capital markets advisors to DFHT.
- Morgan Stanley & Co. LLC is acting as financial advisor to CareMax Medical Centers and Piper Sandler is acting as financial advisor to IMC Health.
- White & Case LLP and Polsinelli PC are acting as legal advisors to DFHT.
- DLA Piper LLP (US) is acting as legal advisor to CareMax Medical Centers.
- McDermott Will & Emery LLP is acting as legal advisor to IMC Health.
- Katten Muchin Rosenman LLP is acting as legal advisor to Deerfield.