Berenson I (BACA) Secures $260M Share Purchase Agreement

Berenson Acquisition Corp. I (NYSE:BACA) announced this morning that it has secured a share purchase agreement of up to $260 million from ACM ARRT N.

As part of the agreement, the investor will purchase 1 million Series A preferred shares, which will each convert to 26 common shares at close.

If not converted, each share will be redeemed at $260 per share on the first business day post-closing.

Additionally, BACA and ACM ARRT N entered into a confirmation agreement for a share forward transaction involving 1 million Series A Preferred Shares. The initial price for pre-closing is set to $260 and $10 for post-closing. The maximum number of shares is set at 1 million Series A Preferred Shares, reduced by the redeemed shares at closing, but will not exceed 6 million common stock shares following the closing.

ACM ARRT N may also subscribe to a PIPE at $6 per share and will be rewarded at the agreement’s valuation date with $1 in cash for each PIPE share it purchased and $2 for each share it still holds through the share purchase agreement. The investor will be issued 500,000 shares or a cash equivalent based on a predefined redemption price for participating.

These agreements come just a week after Berenson announced its business combination with digital healthcare firm Custom Health Inc. at a pre-money equity of $185 million.

The SPAC brings about $11.09 million into the deal through its current trust after an aggregate of 96.13% of its shares were redeemed in extension votes. It currently has a completion deadline of September 30, 2024.

Mountain View, California-based Custom Health connects patients with their circle of care, and helps them to take meds as prescribed with easy-to-use digital health tools.