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Helix Acquisition Corp. II Announces Closing of $184 Million Initial Public Offering, Including the Full Exercise of the Underwriter';s Option to Purchase Additional Shares

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Helix Acquisition Corp. II (HLXB) closed its initial public offering of 18.4 million Class A ordinary shares, generating $184 million in gross proceeds. The company, a special purpose acquisition company led by Bihua Chen and Caleb Tripp, plans to focus on healthcare opportunities. The offering was priced at $10 per share, with Leerink Partners as the bookrunning manager.
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Insights

The closure of Helix Acquisition Corp. II's initial public offering (IPO) at $10.00 per share, with an over-allotment option fully exercised, signifies a strong market interest, resulting in a sizeable $184 million in gross proceeds. This capital influx provides the SPAC with a substantial war chest to pursue its strategic objectives, particularly in the healthcare sector. The successful exercise of the over-allotment option often reflects underwriter confidence and can signal a positive reception from investors. However, the real test for the company will be the subsequent identification and acquisition of a target company, which will determine the ultimate value creation for shareholders.

Concurrent private placement to Helix Holdings II LLC, an affiliate of Cormorant Asset Management, at the same IPO price, suggests a strategic alignment and additional confidence from the sponsor. This move can sometimes be interpreted as a commitment to the SPAC's success from its sponsoring entity. The funds placed in trust ensure regulatory compliance and safeguard the proceeds until an acquisition is completed, which is a standard procedure for SPACs. The performance of the SPAC's shares post-IPO will be closely monitored by investors as an indicator of the market's ongoing assessment of the SPAC's potential to identify a lucrative acquisition target.

Helix Acquisition Corp. II's focus on healthcare or healthcare-related industries taps into a sector with high growth potential, driven by technological advancements, an aging population and an increasing focus on personalized medicine. The management team's expertise, particularly the CEO Bihua Chen's experience, will be a critical factor in navigating the complex healthcare landscape and identifying promising acquisition targets. The healthcare sector is known for its stringent regulatory environment and high barriers to entry, which makes the expertise of the SPAC's leadership team a valuable asset.

SPACs have become a popular alternative route to public markets, especially in industries like healthcare where traditional IPOs can be more challenging due to the inherent risks and long timelines associated with bringing healthcare innovations to market. However, it's important to note that SPACs also carry risks, as the success of the investment hinges on the SPAC management's ability to select and successfully merge with a company that has strong growth prospects.

The legal framework surrounding SPACs, including the requirement for an audited balance sheet post-IPO and the inclusion of proceeds in a trust, is designed to protect investors and ensure transparency in the process. The SEC's role in declaring the registration statement effective before the offering underscores the regulatory oversight involved in such public offerings. Potential investors should be aware of the regulatory environment SPACs operate within, including the implications of securities laws in different states and jurisdictions, which can affect their investment. The statement that the offering does not constitute an offer to sell or a solicitation of an offer to buy in any jurisdiction where it would be unlawful is a standard disclaimer to comply with state securities laws.

BOSTON--(BUSINESS WIRE)-- Helix Acquisition Corp. II (Nasdaq: HLXB) (the “Company”) announced today that on February 13, 2024 it closed the initial public offering of 18,400,000 Class A ordinary shares which includes 2,400,000 shares issued pursuant to the full exercise by the underwriter of its over-allotment option. The offering was priced at $10.00 per share resulting in gross proceeds of $184,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus on opportunities in healthcare or healthcare-related industries. The Company, sponsored by Helix Holdings II LLC, an affiliate of Cormorant Asset Management, is led by Bihua Chen as Chief Executive Officer and Chairperson, and Caleb Tripp as Chief Financial Officer.

Concurrently with the closing of the initial public offering, the Company completed a private placement of 509,000 Class A ordinary shares at a price of $10.00 per share, to Helix Holdings II LLC, generating gross proceeds to the Company of $5,090,000.

The Company’s Class A ordinary shares began trading on The Nasdaq Capital Market under the ticker symbol “HLXB” on February 9, 2024.

Leerink Partners acted as the sole bookrunning manager for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from: Leerink Partners LLC, Attn: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com.

A total of $184,000,000 comprised of the net proceeds from the IPO and simultaneous private placement were placed in trust. An audited balance sheet of the Company as of February 13, 2024 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

A registration statement relating to these securities was declared effective by the SEC on February 8, 2024. 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or 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 preliminary prospectus for the Company’s 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.

Helix Acquisition Corp. II

Caleb Tripp

(857) 702-0370

Source: Helix Acquisition Corp. II

FAQ

When did Helix Acquisition Corp. II (HLXB) close its initial public offering?

Helix Acquisition Corp. II (HLXB) closed its initial public offering on February 13, 2024.

How many Class A ordinary shares were issued in the initial public offering by Helix Acquisition Corp. II (HLXB)?

Helix Acquisition Corp. II (HLXB) issued 18.4 million Class A ordinary shares in the initial public offering.

What was the price per share in the initial public offering of Helix Acquisition Corp. II (HLXB)?

The price per share in the initial public offering of Helix Acquisition Corp. II (HLXB) was $10.

Who led the initial public offering of Helix Acquisition Corp. II (HLXB)?

Leerink Partners acted as the sole bookrunning manager for the offering of Helix Acquisition Corp. II (HLXB).

What is the focus industry of Helix Acquisition Corp. II (HLXB)?

Helix Acquisition Corp. II (HLXB) intends to focus on opportunities in healthcare or healthcare-related industries.

Helix Acquisition Corp. II

NASDAQ:HLXB

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