A low-cost transportable ultrasound firm is hitting the general public market with a SPAC deal introduced Friday.
The SPAC Deal: Butterfly Community, a handheld transportable ultrasound firm, is merging with Longview Acquisition Corp (NYSE: LGVW). The deal values Butterfly Community at $1.5 billion.
Longview Acquisition Corp is led by Larry Robbins, the hedge fund supervisor of Glenview Capital Administration.
The press launch mentioned the deal is predicted to “accelerate future pipeline of innovative technologies” for Butterfly Community, which is one thing buyers ought to watch.
The deal is predicted to shut by the tip of the primary quarter of 2021. Shares will commerce on the NYSE as BFLY. Longview SPAC shareholders will personal 20% of the brand new firm.
Associated Hyperlink: Butterfly Community Reinvents Ultrasound Once more With Butterfly IQ+
Butterfly Community Traders: Butterfly Community comes with a powerful backing of buyers.
The corporate counts Baillie Gifford, the Invoice and Melinda Gates Basis and Fosun Industrial as the biggest buyers. Constancy can also be listed as a backer of the corporate.
Butterfly Community founder Dr. John Rothberg would be the largest shareholder of the brand new firm. Rothberg obtained the Presidential Medal of Expertise and Innovation in 2016 for inventing a novel next-gen DNA sequencing technique.
The corporate has raised over $400 million previous to the SPAC merger deal announcement.
About Butterfly Community: Placing ultrasound on a chip and creating extra entry to underserved areas of the world was the objective of Butterfly Community.
The corporate has the Butterfly iQ, which is the one ultrasound transducer that may carry out whole-body imaging with a single handheld probe utilizing semiconductor know-how.
The Butterfly iQ+ was launched in October with a price of $1,999 plus membership.
The ultrasound market is dominated by conventional cart-based gadgets, which Butterfly Community needs to alter. Their transportable merchandise have bought over 30,000 items since launch. The ultrasound market is at present dominated by giant firms like General Electrical (NYSE: GE) and Koninklijke Philips (NYSE: PHG).
Butterfly Community has agreements in place with the vast majority of the biggest 100 hospitals in the US and has a working relationship with Taiwan Semiconductor Manufacturing Firm (NYSE: TSM).
Fintech Zoom’s Take: Traders ought to be aware the current IPO of Nano-X Imaging (NASDAQ: NNOX), one other ultrasound firm. Nano-X is looking for to offer smaller and decrease value x-ray models to hospitals and rising nations.
Nano-X priced an upsized IPO at $18 and its shares traded between $20.26 and $66.67 since going public. Bear stories from Citron and Muddy Waters pushed shares down, however buyers ought to see that the urge for food for a brand new disruptive medical imaging firm was there.
price Motion: Shares of Longview Acquisition are up 6% to $10.46 on Friday. Shares hit new all-time highs of $10.70 earlier within the morning.
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