Social Capital Suvretta III (DNAC) Shareholders Approve ProKidney Deal
by Marlena Haddad on 2022-07-12 at 9:21am

Social Capital Suvretta Holdings Corp. III (NASDAQ:DNAC) announced this morning that its shareholders approved its combination with drug developer ProKidney at a special meeting held yesterday afternoon.

An 8-K that was also filed this morning disclosed that 22,829,769 of DNAC ordinary shares were presented for redemption, representing 91.319% of DNAC’s trust. ProKidney received total gross proceeds of approximately $597 million from the transaction, which it expects to use to fund Phase 3 study of REACT, accelerate manufacturing scale-out, and prepare for its global commercial launch to treat patients with late-stage chronic kidney disease and at high risk of kidney failure.

The approval comes just one week after DNAC adjourned its original special meeting citing that the parties needed additional time to satisfy “conditions to closing of the Business Combination with respect to approval by The Nasdaq Capital Market of a listing application” for the combined company’s shares.

The newly formed company is named ProKidney Corp. and its shares will start trading on the Nasdaq under the symbol “PROK” today, July 12, 2022.

The parties initially announced their $1.8 billion combination on January 18. Winston-Salem, North Carolina-based ProKidney has launched Phase III trials of its REACT cellular therapy which promises to slow the progression of chronic kidney disease (CKD) and potentially regenerate tissues and function.


ADVISORS

  • Citigroup acted as sole financial advisor and capital markets advisor to ProKidney.
  • Citigroup, Morgan Stanley, Evercore, Jefferies, and UBS acted as placement agents for a portion of the PIPE.
  • BofA Securities acted as capital markets advisor to SCS.
  • Wachtell, Lipton, Rosen & Katz acted as legal advisor to SCS.
  • Davis Polk & Wardwell LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C acted as legal advisors to ProKidney.
  • Winston & Strawn LLP is serving as legal advisor to the PIPE placement agents.
Social Capital Suvretta III (DNAC) Shareholders Approve ProKidney Deal
Recent Posts
by Kristi Marvin on 2025-07-14 at 9:19am

This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...

by Nicholas Alan Clayton on 2025-07-14 at 8:30am

At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...

by Kristi Marvin on 2025-07-12 at 10:02am

Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...

by Nicholas Alan Clayton on 2025-07-11 at 8:24am

At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...

by Kristi Marvin on 2025-07-10 at 8:31am

A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved