Carmell Ther­a­peu­tics plans SPAC deal with Al­pha Health­care, by­pass­ing IPO

Pitts­burgh-based Carmell Ther­a­peu­tics has de­cid­ed to take on a SPAC part­ner to go pub­lic af­ter it filed its draft pa­pers with the SEC in Sep­tem­ber for an IPO.

The pro­posed deal with Al­pha Health­care Ac­qui­si­tion Corp. is ex­pect­ed to close in the first half of 2023, with Carmell share­hold­ers own­ing 46% of the new com­pa­ny. Carmell hold­ers would re­ceive 15 mil­lion shares of Al­pha’s stock in ex­change for their Carmell shares. As­sum­ing all goes to plan and no Al­pha share­hold­ers want to re­deem their piece, the val­ue of the new­ly-com­bined com­pa­ny will be $328 mil­lion, with $154 mil­lion in gross pro­ceeds.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER