Alpha healthcare Acquisition III announced a definitive business combination agreement with carmell therapeutics, a Phase 2-stage biotechnology platform company developing allogeneic plasma-based biomaterials for bone and soft tissue healing indications.
Terms call for Carmell's shareholders to receive 15 million shares of the SPAC's Class A stock. Assuming no redemptions, the market capitalization of the combined company would be approximately $328 million and it is estimated that the current shareholders of Carmell will own approximately 46% of the outstanding shares.
The combined company is expected to receive gross proceeds of $154 million at closing. The transaction is expected to close in the first half of the year.
Carmell has raised more than $20 million from firms including Harbor Light Capital Partners, Medivate Partners and Keiretsu Forum. Read more.
Source: Alpha Healthcare Acquisition III Merging with Carmell Therapeutics, a Phase 2 Stage Biotechnology Platform, in 8M Deal