Akili Interactive is the latest company to go public via SPAC deal (Boston Business Journal):
Boston’s Akili Interactive Labs Inc. is the latest Massachusetts-based company to go public after completing a reverse merger — in a year of market turmoil that saw few local firms passing the threshold between private and public status.
Shares of Akili started trading on Monday on the Nasdaq Capital Market under the new ticker symbol “AKLI” after the company completed its previously announced reverse merger with Social Capital Suvretta Holdings Corp. I (Nasdaq: DNAA), a special purpose acquisition company, or SPAC.
From the transaction, Akili raised more than $163 million before expenses, roughly equal to the amount of Private Investment in Public Equity, or PIPE — the upfront investment from a select group of accredited investors in most SPAC deals.
That’s considerably less than the projected $412 million when the merger plan was first announced, which also included additional shares planned to be sold … With the PIPE money, Shanbhag says Akili can launch and scale EndeavorRx in the fourth quarter of this year, and support its partnership with Shionogi in Japan.
The Announcement:
Digital Medicine Leader Akili to List on Nasdaq Following Successful Business Combination with Social Capital Suvretta Holdings Corp. I (press release):
Akili, a leading digital medicine company, today completed its previously announced business combination with Social Capital Suvretta Holdings Corp. I (“SCS”) (Nasdaq: DNAA), a publicly traded special purpose acquisition company. The newly formed company, Akili, Inc. (“Akili”), is expected to start trading on The Nasdaq Capital Market (“Nasdaq”) under the new ticker symbol “AKLI” on August 22, 2022.
Akili raised more than $163 million from the transaction, before deducting transaction expenses and advisory fees, which, together with cash on hand, the company expects will be sufficient to fund at least 24 months of business operations, excluding any contributions from EndeavorRx® revenues. Proceeds from the transaction will fund the commercial launch of EndeavorRx, a first-of-its-kind, U.S. Food and Drug Administration (FDA) cleared and Conformité Européenne (CE) Mark certified prescription digital therapeutic for pediatric attention-deficit/hyperactivity disorder (ADHD) (see full indication and safety information below), as well as potential expansion into additional ADHD patient populations. Proceeds will also support the advancement of the company’s late-stage pipeline of product candidates designed to treat neuropsychiatric diseases, including autism spectrum disorder (ASD), multiple sclerosis (MS), and major depressive disorder (MDD). SCS shareholders approved the transaction at a general meeting on August 18, 2022…
Eddie Martucci, CEO of Akili, said: “Today’s milestone reflects the combined efforts of the committed Akili team and SCS who together made this defining moment possible. Millions of people worldwide live with cognitive impairment without effective treatments. I am proud of our talented employees – leaders in neuroscience, entertainment and consumer technology – who are propelling Akili’s innovative software-based therapeutics forward to deliver an engaging, immersive experience. I am extremely excited about what’s ahead as we begin to scale and serve patients in need.”
News in Context:
- Digital therapeutics pioneer Akili Interactive plans to go public in mid-2022 at a $1B valuation
- Akili Interactive Labs raises $160M in equity and debt to transform cognitive healthcare via prescription videogame treatments
- Pear Therapeutics raises $175M and goes public via SPAC deal raising the profile of prescription digital therapeutics (Update: shares were priced at $10 then; they trade at $1.59 on August 23rd, 2023)
- What are cognitive abilities and how to boost them?
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