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2022-01-18 20:52
07:45 AM EST, 01/18/2022 (MT Newswires) -- Cellular therapeutics company ProKidney LP has agreed to become a publicly traded company via a business combination with special purpose acquisition company Social Capital Suvretta Holdings Corp. III (DNAC).
The combined company has an equity value of $2.64 billion under the transaction, and could provide up to $825 million in gross cash proceeds, including a fully committed private investment in public equity, or PIPE, of $575 million, and up to $250 million of cash from Social Capital Suvretta.
Under the terms of the agreement, ProKidney equity holders will roll 100% of their equity into the combined company and will be eligible to receive up to 17.5 million additional Social Capital Suvretta shares pursuant to an earnout based on ProKidney's future stock performance. The transaction is expected to close in Q3.
When the deal closes, the combined company will trade on the Nasdaq stock market under the symbol "PROK."
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