Palihapitiya-backed SPAC gains after $1 bln deal to take Akili Interactive public

Akili

26/01/2022 12:56

** Shares of SPAC Social Capital Suvretta Holdings Corp I
 DNAA.O  up 2% at $9.81 premarket after M&A news
    ** Tech-based cognitive therapies firm Akili Interactive
agrees to go public with SPAC backed by serial dealmaker Chamath
Palihapitiya in deal valued at $1 bln  urn:newsml:reuters.com:*:nL4N2U62F0
    ** Deal expected to provide Akili $412 mln in proceeds,
including  private investment in public equity (PIPE) of $162
mln from Social Capital, Suvretta Capital's healthcare-focused
fund Averill and Singapore's Temasek among other investors
    ** Transaction expected to close mid-2022 and co to be
listed on Nasdaq with ticker "AKLI"
    ** DNAA raised ~$250 mln in its Jun 2021 IPO
    ** A special-purpose acquisition company, or SPAC, is a
shell company that raises money in an IPO and puts funds in a
trust with the intent to merge with a private firm and taking it
public, typically within 2 years

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))