HealthCor Catalio Acquisition Corp. (HCAQ) Shareholders Approve Hyperfine and Liminal Sciences Deal

HealthCor Catalio Acquisition Corp. (NASDAQ:HCAQ) announced in an 8-K filing that its shareholders approved its combination with medical technology firms Hyperfine and Liminal Sciences, albeit with high redemptions, at a special meeting yesterday.

A total of 17,142,244 shares were redeemed in connection with the vote, removing about $171.4 million from its estimated trust of $207 million heading into the vote. This should not pose any risk to the transaction’s close, however, as the parties agreed to a $125 million minimum cash condition, which was fully met by the deal’s $126.1 million PIPE, regardless of redemptions.

The deal is expected to close later today and the combined entity is expected to begin trading on the Nasdaq on December 23 under the symbol “HYPR”.

The parties initially announced the $580 million combination on July 8. Hyperfine created the first FDA approved portable MR Imaging System which allows the technology to be accessible at anytime, anywhere, and to any patient. Liminal Sciences is building a device to non-invasively measure key vital signs in the brain to enable unprecedented access to dramatically improve patient outcomes.

All measures on HealthCor’s ballot passed by wide margins but about 23% shares dissented against a number of charter proposals. For full vote tallies, click here.

ADVISORS

• J.P. Morgan is acting as exclusive financial advisor to Hyperfine and Liminal.
• Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is serving as legal advisor to Hyperfine and Liminal.
• Jefferies LLC acted as financial advisor to HealthCor Catalio Acquisition Corp.
• Jefferies LLC and Evercore Group L.L.C. acted as capital markets advisors and co-lead placement agents to HealthCor Catalio Acquisition Corp. in connection with the private placement.
• Wells Fargo Securities also acted as capital markets advisor and placement agent to HealthCor Catalio Acquisition Corp. in connection with the private placement.
• Kirkland & Ellis LLP and Paul Hastings LLP are serving as legal advisors to HealthCor Catalio Acquisition Corp. and the private placement agents.