HealthCor Catalio Acquisition Corp. Announces Closing of Upsized $207 Million Initial Public Offering

Rhea-AI Summary

HealthCor Catalio Acquisition Corp. has successfully closed its upsized initial public offering of 20,700,000 Class A ordinary shares at $10.00 per share, raising a total of $207 million in gross proceeds. The offering, which included 2,700,000 shares from the underwriter's over-allotment, commenced trading on the Nasdaq Capital Market under the ticker symbol HCAQ on January 27, 2021. The company is backed by HealthCor Management and Catalio Capital Management, focusing on breakthrough biomedical technologies.

Positive

• Raised $207 million in gross proceeds from the IPO.
• Strong backing from HealthCor Management and Catalio Capital Management.
• Market debut under ticker symbol HCAQ on Nasdaq.

Negative

• Uncertainty regarding the use of net proceeds as highlighted in forward-looking statements.

NEW YORK, Jan. 29, 2021 /PRNewswire/ -- HealthCor Catalio Acquisition Corp. (the "Company"), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced the closing of its upsized initial public offering of 20,700,000 Class A ordinary shares at a price of $10.00 per share, including 2,700,000 Class A ordinary shares issued pursuant to the underwriter's full exercise of its over-allotment option. Total gross proceeds from the offering were $207 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company's sponsor is owned by affiliates of HealthCor Management, L.P., which manages approximately $2.7 billion in assets across long/short and long only healthcare funds, and Catalio Capital Management, LP, a private equity firm that invests in breakthrough biomedical technology companies. The Company is led by Christopher Gaulin, as Chief Executive Officer, Joe Healey, as Chairman of the Board of Directors, and George Petrocheilos, as President.

The Company's shares began trading on the Nasdaq Capital Market under the ticker symbol "HCAQ" on January 27, 2021.

Jefferies LLC acted as sole book-running manager for the offering. The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, telephone: 877-821-7388 or email: Prospectus_Department@Jefferies.com.

A registration statement relating to the securities became effective on January 26, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds. No assurance can be given that the net 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 and prospectus for the Company's offering filed with the Securities and Exchange Commission ("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.

View original content:http://www.prnewswire.com/news-releases/healthcor-catalio-acquisition-corp-announces-closing-of-upsized-207-million-initial-public-offering-301218269.html

SOURCE HealthCor Management, L.P.

FAQ

What is the total amount raised by HealthCor Catalio Acquisition Corp. in its IPO?

HealthCor Catalio Acquisition Corp. raised $207 million in its IPO.

When did HealthCor Catalio Acquisition Corp. start trading on the Nasdaq?

HealthCor Catalio Acquisition Corp. began trading on the Nasdaq on January 27, 2021 under the ticker symbol HCAQ.

Who are the sponsors of HealthCor Catalio Acquisition Corp.?

The sponsors include HealthCor Management and Catalio Capital Management.

What is the price per share for the IPO of HealthCor Catalio Acquisition Corp.?

The IPO price per share for HealthCor Catalio Acquisition Corp. was $10.00.

What are forward-looking statements in the context of HealthCor Catalio Acquisition Corp.'s IPO?

Forward-looking statements refer to anticipated uses of the IPO proceeds and are subject to various risks and uncertainties.