Isleworth Healthcare Acquisition Corp. Announces Upcoming Automatic Unit Separation
Isleworth Healthcare Acquisition Corp. (NASDAQ: ISLEU) announced that its units will automatically separate on March 29, 2021, allowing common stock (ISLE) and redeemable warrants (ISLEW) to trade independently. Each unit comprises one share of common stock and one-half of a redeemable warrant, with warrants entitling holders to purchase shares at $11.50 each. Note that fractional warrants will not be issued, potentially resulting in a loss for unit holders. This separation requires no action from unit owners. Isleworth targets healthcare companies in North America and Europe for future business combinations.
- The automatic separation of units allows investors to trade common stock (ISLE) and warrants (ISLEW) independently, providing flexibility.
- The company is strategically focused on acquisitions in the healthcare sector, particularly in biopharmaceuticals and medical technology.
- Unit holders may lose warrants if they do not own a multiple of two units, resulting in potential financial loss.
- No updates on specific mergers or acquisitions could create uncertainty regarding future business growth.
ST. PETERSBURG, Fla., March 25, 2021 /PRNewswire/ -- Isleworth Healthcare Acquisition Corp. (NASDAQ: ISLEU) (the "Company") announced today that, on March 29, 2021, the Company's units will no longer trade, and that the Company's common stock and redeemable warrants, which together comprise the units will commence trading separately. The common stock and warrants will be listed on the Nasdaq Capital Market and trade with the ticker symbols "ISLE" and "ISLEW", respectively. This is a mandatory and automatic separation, and no action is required by the holders of units.
Each unit consists of one share of common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of common stock at a price of
Purchases of units that are made after market close on March 25, 2021, may not settle prior to the unit separation date and, accordingly, the number of warrants issued to such purchasers may not reflect the warrants underlying such recently purchased units.
About Isleworth Healthcare Acquisition Corp.
Isleworth Healthcare Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. It intends to focus on a business combination with a company in the healthcare industry. We anticipate targeting companies domiciled in North America and Europe that are developing assets in the biopharmaceutical and medical technology/medical device space which aligns with our management team's experience in operating healthcare companies and in drug and device/technology development. We have operating expertise in managing large and high growth businesses and more specifically, in the life sciences industry. Collectively, we have built, managed, bought and sold companies or technologies all over the world. Al Weiss (Chairman, Director), former President, Worldwide Operations Walt Disney Parks and Resorts, and Bob Whitehead (CEO, Director), a long-standing pharmaceutical executive, in the United States and internationally, and in large and emerging stage companies, will lead the team. The team includes Dan Halvorson (EVP & CFO, Director), experienced public and private company executive in financial planning and operations in the life science, technology and artificial intelligence industries; Vipul Patel, MD, (Director), a pioneer in the development and utilization of robotic surgical technologies, and is connected to many emerging stage med tech and device companies; Marc Kozin, (Director), led the development of LEK's life science strategic planning practice, and has more than 30 years of healthcare M&A experience and serves on various bioscience boards; Bob Dahl (Director), formerly Managing Director of Healthcare Investments at the Carlyle Group and was previously co-head of healthcare investment banking at Credit Suisse; and Michelle McKenna (Director), an experienced board member and she has significant experience in M&A and early stage companies, and as a C-suite executive of the NFL, she is responsible for the highly effective Covid-19 contract tracing program across the league.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the prospectus used in connection with the Company's initial public offering. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Contact:
Dan Halvorson
Executive Vice President & Chief Financial Officer and Board Member
dan@isleworthhealthcare.com
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SOURCE Isleworth Healthcare Acquisition Corp.
FAQ
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