Hyperfine closes SPAC merger, will begin trading on Nasdaq

Hyperfine’s Swoop portable MRI. [Image from Hyperfine]Hyperfine announced today that it completed its merger with HealthCor Catalio Acquisition Corp. and has gone public.

Guilford, Connecticut-based Hyperfine initially announced the proposed merger with HealthCor, a special purpose acquisition company (SPAC) in July.

The company will receive approximately $160 million in gross cash proceeds from the business combination and a concurrent private placement, according to a news release. The funds are earmarked for the company’s growth initiatives, including the commercial expansion of its Swoop FDA-cleared portable MRI system.

Swoop was designed to address the limitations of current imaging technologies by offering MRI for brain imaging any time, anywhere, through a console that wheels directly to a patient’s bedside, plugs into a standard electrical wall outlet and is controlled by an Apple iPad.

Hyperfine’s Class A common stock…

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  • December 22, 2021
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Hyperfine, Liminal to go public in $580M SPAC deal

Hyperfine and Liminal Sciences today said they will go public by merging with a SPAC called HealthCor Catalio Acquisition Corp.

The merger is valued at approximately $580 million upon closing and is expected to have a combined entity of $375 million in cash. The combined company’s estimated cash balance will be $207 million from the SPAC trust fund, $126 million from PIPE investors and $66 million from the balance sheets of Hyperfine and Liminal and less than $24 million in transaction expenses.

Through the deal, HealthCor Catalio will be renamed as Hyperfine and will be listed on the NASDAQ stock exchange under the ticker symbol HYPR.

“The combination of Hyperfine, Liminal and HealthCor Catalio presents an inspiring opportunity to transform the global MR imaging and brain-sensing paradigm,” Hyperfine president and CEO Dave Scott said in a news release. “This business combination will empower Hyperfine with the expanded resources, financing, and ex…

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  • July 8, 2021
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