On February 18, 2022, Healthcare Capital Corp. (HCCC) filed a report with the SEC regarding the adjournment of its Special Meeting of Stockholders. The purpose of the meeting was the company’s proposed business combination with Alpha Tau Medical Ltd. Following the news, the stock continued to rise in the after hours.
During the regular trading session, the stock remained in the green with a mild gain of 0.30%. HCCC closed the session at $10.08 with 492.71K shares exchanging hands. The stock reached its new 52-week high of $11.45 during the session. Consequent to the filing, the stock continued to add further to reach $11.80 per share value in the after hours. Hence, HCCC was able to increase by 17.06% or $1.72 in the after-hours on Friday.
The blank check, SPAC, Healthcare Capital Corp. was founded in 2020. Currently, its 27.5 million outstanding shares trade at a market capitalization of $346.5 million. In the past five days, HCCC stock has added a value of 11.63%.
Proposed Business Combination
On July 07, 2021, the company entered into an Agreement and Plan of Merger with Alpha Tau Medical Ltd. Alpha Tau is an Israeli medical device company with a focus on the Alpha DaRT for solid tumors’ treatment. Following the consummation of the business combination with HCCC, Alpha Tau will become a Nasdaq-listed public company.
Moreover, the pre-money equity valuation of Alpha Tau was $600 million with a pro forma equity valuation of up to $1 billion upon the consummation of the transactions.
The business combination was initially expected to close in the fourth quarter of 2021.
HCCC’s Special Meeting of Stockholders
On January 19, the company announced to hold a special meeting of stockholders on February 15 regarding the business combination.
On February 15, HCCC announced the adjournment of the special meeting without conducting any other business. Therefore, the meeting was adjourned until February 18, 2022.
Once again on February 18, the company announced to have convened and adjourned the special meeting. Additionally, no new date was reported this time for the special meeting.
Conclusion
The HCCC stock has been bullish since the initial adjournment. The stock has been gaining since February 15 and has currently reached its new 52-week high. Following the recent SEC filing, the stock paced up its bullishness to add more to its value. It seems the investors are okay with the delays as the companies fulfill the customary requirements of the merger.
