HighCape Capital (NASDAQ:CAPA) stock is soaring higher on Thursday after announcing plans for a special purpose acquisition company (SPAC) merger with Quantum-Si.
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Here’s everything that potential investors in CAPA stock need to know about HighCape Capital and the Quantum-Si SPAC merger.
- HighCape Capital is a healthcare-focused SPAC backed by investment firm HighCape Capital LP.
- Quantum-Si is a company dedicated to semiconductor chip-based proteomics.
- Proteomics is the study of proteins.
- The SPAC merger will have Quantum-Si joining the public market through HighCape Capital.
- This will also see shares of CAPA stock change over to the QSI ticker.
- The enterprise value of the combination is $1.46 billion.
- The deal will provide Quantum-Si with $540 million in gross proceeds once it completes.
- That comes from $115 million in cash held by HighCape Capital.
- Another $425 million of that is thanks to a private investment in public equity (PIPE).
- The expectation is that this will set the combined company up with $514 million in cash once the deal closes.
- The Boards of Directors of Quantum-Si and HighCape have both given their unanimous support to the deal.
- Now it just needs to complete other customary closing conditions.
- That includes getting approval from regulators or shareholders.
- This likely won’t be an issue and sets the deal up to close in the second quarter of 2021.
- CAPA stock saw heavy trading today with 29 million shares changing hands.
- That’s a hefty spike compared to its daily average trading volume of only about 12,000 shares.
CAPA stock was up 92.7% as of Thursday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
