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DTRT Health Acquisition Corp. has completed its initial public offering of 23,000,000 units at $10.00 each, with 3,000,000 units sold through an over-allotment option. The units began trading on NASDAQ under the symbol 'DTRTU' on September 2, 2021. Each unit contains one share of Class A common stock and one-half of a warrant, which can be exercised at $11.50 per share. The company aims to pursue business combinations primarily in the healthcare sector, focusing on home and community-based services.
Positive
Raised $230 million through IPO, enhancing liquidity.
Focus on the growing healthcare sector, especially home and community-based services.
Potential to expand market presence through strategic acquisitions.
Negative
Dependence on successful identification and execution of business combinations.
Market volatility may affect stock performance post-IPO.
NEW YORK--(BUSINESS WIRE)--
DTRT Health Acquisition Corp. (the “Company”) today announced the closing of its initial public offering of 23,000,000 units at a price of $10.00 per unit, including 3,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The units are listed on The NASDAQ Capital Market (“NASDAQ”) and began trading under the ticker symbol “DTRTU” on September 2, 2021. Each unit consists of one share of Class A common stock of the Company and one-half of one redeemable warrant with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on NASDAQ under the symbols “DTRT” and “DTRTW,” respectively.
DTRT Health Acquisition Corp., led by CEO Mark Heaney, is a special purpose acquisition company formed for the purpose of entering into a business combination with one or more businesses. While the Company may pursue an initial business combination with a company in any sector or geography, it intends to focus its search on the healthcare industry, specifically home and community based healthcare services, which may include home health, personal and private duty care, home-based therapy, adult day care, medical transportation, pediatric health, facility based community services, healthcare information technology and software services, care management, behavioral health, staffing, medical devices, and health and wellness programs, among others.
Cantor Fitzgerald & Co. (“Cantor”) is acting as the sole bookrunner, and Odeon Capital Group, LLC is acting as the lead manager for the offering.
The offering was made only by means of a prospectus. Copies of the prospectus may be obtained by contacting Cantor, Attention: Capital Markets, c/o Cantor Fitzgerald & Co., 499 Park Avenue, 5th Floor, New York, New York 10022, or by email at prospectus@cantor.com.
A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 1, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
