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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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.
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
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,
A total of
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.
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Helix Acquisition Corp. II
Caleb Tripp
(857) 702-0370
Source: Helix Acquisition Corp. II
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