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Butterfly Network, Inc. (NYSE: BFLY) announced the completion of its business combination with Longview Acquisition Corp. (NYSE: LGVW, LGVW.U), approved by stockholders on February 12, 2021. This transaction, which closed on February 16, 2021, provided the company with approximately $589 million in cash, enhancing its efforts to democratize medical imaging. Butterfly's innovative ultrasound technology aims to improve healthcare delivery and expand market applications, notably in chronic disease management affecting over 100 million patients in the U.S. The company reported 2020 revenues of at least $45 million, a 63% growth over 2019.
Longview Acquisition Corp. (NYSE: LGVW, LGVW.U) announced stockholder approval for its business combination with Butterfly Network, Inc., achieving nearly 100% support at the Special Meeting held on February 12, 2021. With a total cash reserve of approximately $589 million, including $175 million from a private placement, the merger is expected to close shortly. Post-merger, the combined entity will be named Butterfly Network, Inc. and will trade under 'BFLY.' The deal aims to enhance medical innovation and accessibility to ultrasound technology globally.
Butterfly Network has appointed Dr. Todd M. Fruchterman as President and CEO effective February 1, 2021, prior to its merger with Longview Acquisition Corp (NYSE: LGVW, LGVW.U). Fruchterman brings extensive experience from his tenure at 3M, where he managed a $4.8 billion business. The merger aims to enhance medical imaging accessibility through Butterfly's Ultrasound-on-Chip technology. A Special Meeting for Longview's stockholders is scheduled for February 12, 2021, to approve the merger, with trading expected to start under ticker 'BFLY' on February 16, 2021.
