Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26.
HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20 million from strategic partner Medtronic and additional investments by life sciences fund RTW.
Health Sciences 2 had about $67.7 million in its trust going into the vote after seeing 57.7% of shares redeemed in an earlier extension. Proceeds nonetheless exceeded the the transaction’s $60 million minimum cash condition.
The combined company will commence trading today on the Nasdaq under the symbol “OBIO”. Health Sciences 2 did not include warrants in its units when it IPO’d in August 2020.
The parties announced their $158 million deal with Orchestra BioMed in July 2022. New Hope, Pennsylvania-based Orchestra BioMed develops evidence-based therapeutic solutions for medical procedures that address major medical conditions, with a particular focus on cardiovascular diseases.
ADVISORS
- Jefferies LLC and Piper Sandler & Co. acted as Joint Lead Placement Agents for the Series D Financing
- Aegis Capital acted as Selling Agent.
- Jefferies LLC is acting as lead financial advisor and a capital markets advisor to Orchestra BioMed.
- Piper Sandler & Co. is acting as strategic advisor to Orchestra BioMed
- Piper Sandler & Co. is acting as a capital markets advisor to Orchestra BioMed.
- Chardan Capital Markets LLC is serving as financial and capital markets advisor to HSAC2
- Barclays Capital Inc. is serving as financial and capital markets advisor to HSAC2.
- Paul Hastings LLP is serving as legal counsel for Orchestra BioMed. Loeb & Loeb LLP is serving as legal counsel for HSAC2.
At the SPAC of Dawn Two SPACs have scheduled shareholder votes for this week including Bukit Jalil 1‘s (NASDAQ:BUJA) special meeting to approve its combination with Global IBO Group later today. The SPAC still has about half of its $50 million trust in tact going into the vote and Global IBO’s core business of providing...
Terms Tracker for the Week Ending March 28, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. No SPAC IPOs priced this week, which means March closes out with just two IPOs total, both of which priced last week. By comparison, January...
At the SPAC of Dawn The year’s first big IPO has arrived, and its wings have already been trimmed before it got out the gate. AI chip firm CoreWeave had been aiming to price at a range of $47 to $55 per share, which would have valued the company at $26.5 billion at the top...
At the SPAC of Dawn Another day, another wave of trade war news as US President Donald Trump has announced fresh 25% tariffs on all imported automobiles on April 3 in addition to the new customs duties expected to come into force on April 2. These moves cut across a wide swath of SPAC target...
Armada Acquisition Corp. II has filed for a $200 million SPAC to combine with a fintech, SaaS or AI company with nearly the same team top-to-bottom that just completed its first SPAC combination in that space. The filing is Cohen & Company’s seventh of the year as left-lead underwriter and Northland Capital Markets is stepping in...