Health Sciences Acquisitions 2 in an 8-K said its shareholders voted in favor of the business combination with Orchestra Biomed.
The deal was structured to provide a minimum of $70 million in gross proceeds to the combined company at closing, and up to $160 million in the event of no redemptions, which were not mentioned in the filing. Proceeds included $20 million in total forward purchase agreements from Medtronic and RTW (an affiliate of HSAC2's sponsor and a life sciences investment firm), as well as an up to $50 million backstop agreement with RTW.
The SPAC said the deal is expected to close by the end of the month. Read more.
Source: Health Sciences Acquisitions 2 Shareholders Approve Orchestra BioMed Merger