BETHESDA, Md., Dec. 28, 2020 /PRNewswire/ -- Healthcare
Services Acquisition Corporation today announced the closing of its
upsized and oversubscribed initial public offering of 33,120,000
units at $10.00 per unit. Gross
proceeds from the offering, inclusive of both a 20% upsize and full
exercise of the 15% over-allotment option (or "greenshoe"), were
$331.2 million. Each unit consists of
one share of the company's Class A common stock and one-half of one
redeemable warrant. Each whole warrant entitles the holder to
purchase one share of Class A common stock at a price of
$11.50 per share. The Company's units
trade on the Nasdaq Capital Market ("Nasdaq") under the symbol
"HCARU." Once the securities comprising the units begin separate
trading, the company expects that its Class A common stock and
warrants will be listed on Nasdaq under the symbols "HCAR" and
"HCARW," respectively.
Healthcare Services Acquisition Corporation is led by Chairman
and CEO David T. Blair, a 25-year
healthcare industry veteran and former Chairman and CEO of Catalyst
Health Solutions, Inc., and a team of experienced executives with
public company track records, deep industry roots, transaction and
financing experience, and management and corporate transformation
expertise. The company's management team includes Martin J. Payne, former senior executive at
Catalyst and UnitedHealth Group, as President; Joshua B. Lynn, former Managing Director at
Caspian Capital, as Chief Financial Officer; and Tao Tan, former
Associate Partner at McKinsey & Company, as Chief Operating
Officer.
Healthcare is a huge sector of the U.S. economy that is
projected to exceed $4.2 trillion of
expenditures in 2021 according to the Centers for Medicare &
Medicaid Services. The market is growing, but also highly
fragmented, and rapidly consolidating. A handful of large
healthcare players claim an outsized share of the market, creating
attractive opportunities for middle-market players who can offer
superior service, competitive costs, and national-scale
capabilities.
"We are both pleased and humbled by the reception we've received
from investors, and look forward to bringing to the market a
company that effectively tackles our nation's increasingly complex
healthcare challenges, particularly around disparities in access
and outcomes, while delivering exceptional returns for our
shareholders," said David T. Blair,
Chairman and CEO of Healthcare Services Acquisition Corporation.
"In an industry that thrives on scale, a SPAC enables us to 'start
at scale' and chart a path to transformative growth by combining
the power of public markets with our extensive relationships and
value creation playbook."
"SPACs have had a banner year. But one differentiator continues
to stand out: operator-led management teams who can conduct focused
searches, lead high quality independent diligence and strategic
business plan development, and who are committed to strong
governance and long-term value creation," said Martin J. Payne, President of Healthcare
Services Acquisition Corporation.
Funds and accounts managed by BlackRock serve as Healthcare
Services Acquisition Corporation's anchor investor, and purchased
an aggregate of $24,480,000 of units
in the offering.
AllianceBernstein (AB) serves as Healthcare Services Acquisition
Corporation's strategic partner.
"AB is delighted to partner with Healthcare Services Acquisition
Corporation on this transaction, our inaugural participation as a
SPAC sponsor. We look forward to leveraging our research platform,
private and public company expertise, and investor networks to
collaborate with management in their search and diligence
processes, as well as potentially participating in future financing
opportunities in connection with their eventual business
combination," said Ali Dibadj, Head
of Finance and Strategy for AllianceBernstein. "We believe the SPAC
process will remain an important component of the capital market
landscape and hope to deliver strong results for our clients over
the coming years with our participation in this and other
innovative strategies."
B. Riley Securities, Inc., a subsidiary of B. Riley Financial,
Inc., serves as the company's sole book-running manager.
"This SPAC represents an attractive opportunity to invest in a
top tier management team that is committed to creating value for
the underserved middle-market healthcare industry. The overwhelming
investor demand for this IPO speaks to the team's operational and
investment acumen. With proven industry expertise, Healthcare
Services Acquisition Corporation offers a unique investment
opportunity in providing necessary liquidity and a public currency
to address the challenges in healthcare. We are pleased to serve as
underwriter on this transaction and look forward to continue
working with the team on their ultimate business combination," said
Jonathan Mitchell, Senior Managing
Director and Head of SPAC Banking at B. Riley Securities.
Ropes & Gray LLP is serving as issuer's counsel with
Ellenoff Grossman & Schole LLP as underwriters' counsel.
WithumSmith+Brown, PC serves as auditor. Continental Stock Transfer
& Trust Company LLC serves as trustee.
Healthcare Services Acquisition Corporation (NASDAQ:
HCAR) is a special purpose acquisition company led by a team
of investors, operators, and leaders in the healthcare space,
seeking to partner with ambitious management who are constrained by
capital availability, operational expertise, and national-scale
capabilities. The company closed its upsized and
oversubscribed IPO on December 28,
2020, with $331.2 million in
trust. For more information, please visit
www.healthcarespac.com.
B. Riley Financial, Inc. ("B. Riley") provides
collaborative financial services solutions tailored to fit the
capital raising, business, operational, and financial advisory
needs of its clients and partners. B. Riley Securities, Inc., a
leading full-service investment bank and FINRA registered
broker-dealer, is a wholly-owned subsidiary of B. Riley Financial.
B. Riley operates through several subsidiaries which offer a
diverse range of complementary end-to-end capabilities spanning
investment banking and institutional brokerage, private wealth and
investment management, corporate advisory, restructuring, due
diligence, forensic accounting, litigation support, appraisal and
valuation, and auction and liquidation services. Certain registered
affiliates of B. Riley originate and underwrite senior secured
loans for asset-rich companies. B. Riley also makes proprietary
investments in companies and assets with attractive return
profiles. For more information about B. Riley and its
affiliated companies, please visit www.brileyfin.com.
BlackRock's purpose is to help more and more people
experience financial well-being. As a fiduciary to investors and a
leading provider of financial technology, our clients turn to us
for the solutions they need when planning for their most important
goals. As of September 30, 2020, the
firm managed approximately $7.81
trillion in assets on behalf of investors worldwide. For
additional information on BlackRock, please visit
www.blackrock.com/corporate.
AllianceBernstein is a leading global investment
management firm that offers high-quality research and diversified
investment services to institutional investors, individuals and
private wealth clients in major world markets, with assets under
management of $631 billion as of
September 30, 2020. As of
September 30, 2020, including both
the general partnership and limited partnership interests in
AllianceBernstein, AllianceBernstein Holding owned approximately
35.5% of AllianceBernstein and Equitable Holdings, Inc., directly
and through various subsidiaries, owned an approximate 65.3%
economic interest in AllianceBernstein. Additional information
about AB may be found on our website,
www.alliancebernstein.com.
Media contact:
Jackie
Tilden
+1 (214) 914-7652
media@healthcarespac.com
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SOURCE Healthcare Services Acquisition Corporation