Shares of D8 Holdings (NYSE:DEH) stock are getting a boost on Thursday after news of a partnership emerged that involve the special purposes acquisition company (SPAC).
This agreement involves D8 and Vicarious Surgical, which is a robotics firm focused on improving both surgical efficiency and cost. That said, what are the details of the business combination? Here is what DEH stock investors need to know.
- After the deal officially closes, the combined company will trade as Vicarious Surgical under the ticker RBOT on the New York Stock Exchange.
- According to the release, the combined company will have “an enterprise value of approximately $1.1 billion and is expected to provide more than $425 million in cash on the balance sheet after closing….”
- This includes a $115 million private investment in public equity (PIPE) from existing investors like Bill Gates, Khosla Venture and Eric Schmidt’s Innovation Endeavors.
- However, the PIPE also includes Becton, Dickinson and Company (NYSE:BDX) and other new investors.
- Additionally, the PIPE is priced at $10 per share.
Adam Sachs, co-founder and CEO of Vicarious Surgical, said this regarding the DEH stock news.
“We are extremely excited to announce our partnership with Donald Tang, David Chu and the rest of the D8 team, which we believe will assist in catalyzing the development of our flagship robot and in establishing a foundation of long-term growth for our Company. Mr. Tang and the D8 team appreciate the potential impact our technology can have on making procedures safer and more available to patients, while simultaneously saving hospitals money and time.”
DEH stock was up 2.8% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.