Longview Acquisition Corp. Archives - Medical Design Sourcing

HeartFlow SPAC deal is called off

HeartFlow and a special purpose acquisition company called Longview Acquisition Corp. have called off merger plans that would have taken the cardiac test company public.

HeartFlow, in a news release out this evening, described the move as a mutual decision — a “result of current unfavorable market conditions.”

Stock markets in the U.S. have been on a rollercoaster in recent weeks amid inflation worries, expectations of a resulting Fed rate hike, tough earnings reports for social media companies such as Meta (formerly Facebook), ongoing COVID-19 and supply chain woes, and more. (There’s also good news: U.S. jobs and wages are rising rapidly.)

When HeartFlow and Longview announced the SPAC deal plans in July 2021, the merger was valued at $2.4 billion, plus an estimated $400 million in cash after closing.

HeartFlow officials said at the time that the $599 million of gross proceeds from the deal would enable it to accelerate the gr…

HeartFlow to go public in $2.8B SPAC merger

HeartFlow today said that it will go public by merging with a SPAC called Longview Acquisition Corp.

The merger is valued at $2.4 billion with an estimated $400 million in cash after closing. The transaction is expected to deliver up to $599 million of gross proceeds to HeartFlow to accelerate the growth of its noninvasive, personalized cardiac tests.

“We believe that our non-invasive, artificial intelligence-enabled, cloud-based enterprise software solution can transform cardiovascular care with risk assessment, diagnosis planning and treatment management,” HeartFlow president, CEO and cofounder John Stevens said in a news release. “Importantly, we have brought together a talented group of individuals with deep expertise in technology, cardiovascular medicine, and the business of healthcare and a deep commitment to patients to deliver on this vision. I’m incredibly proud of the HeartFlow team in reaching this important milestone.”

Through the deal, the …

Butterfly Network completes merger, starts trading on NYSE

Butterfly Network (NYSE:BFLY) announced today that it completed its merger with Longview Acquisition Corp. and is now trading on the NYSE.

Last week, Longview announced that its stockholders had approved the business combination, from which Butterfly received approximately $859 million before transaction fees, including $414 million held in Longview’s trust account and $175 million from private placement investors.

Private placement investors involved in the transaction included Elridge, Fidelity Management & Research Company, Glenview, Ridgeback, Tenet Healthcare, UPMC Enterprises and Wellington Management, according to a news release. Additionally, Butterfly’s current management and existing equity holders rolled 100% of their equity into the combined company.

The company had announced in November that it was set to go public through the merger with Longview and last month it appointed a new CEO ahead of the business combination. The co…

Butterfly Network to start trading on NYSE soon

Longview Acquisition Corp. announced today that its stockholders approved its merger with Butterfly Network, which will soon begin trading on the New York Stock Exchange.

Stockholders approved the business combination with nearly 100% of the shares of Longview voted at a special meeting in favor of the merger, with a total of six proposals considered and approved today.

Butterfly Network announced in November that it was set to go public through the merger with Longview and last month it appointed a new CEO ahead of the business combination. The combined company will be renamed Butterfly Network, Inc., and trade on the NYSE under the BFLY ticker.

The deadline for electing redemptions has passed as well, meaning Longview will have approximately $589 million in cash before the combination, including $175 million to be received from a private placement that’s expected to close concurrently with the merger.

“We would like to thank the shar…