CA Healthcare Acquisition Corp. (NASDAQ:CAHC) announced in a press release today that its shareholders approved its combination with medical device-maker LumiraDx at a shareholder vote held earlier today.
Although the press release did not disclose information on its redemptions, CAHC traded above $10 throughout its redemption deadline September 24.
The combined company will begin trading on Nasdaq on September 29, under the ticker symbol “LMDX” for the common shares and “LMDXW” for the warrants assumed by LumiraDx from CAHC.
CH Healthcare originally announced its $5 billion combination with LumiraDx on April 7, but on August 20, CA Healthcare slashed the valuation by 40% from $5 billion to $3 billion due to “the recent market environment for publicly traded diagnostic companies, general market declines in COVID-19 testing volumes, and feedback from CA Healthcare advisors and shareholders.”
LumiraDx has developed a pair of diagnostic systems designed to decentralize testing for a range of conditions including COVID-19. Its platform is being used by the CVS (NYSE:CVS) network in the US and Boots pharmacies in the UK.
ADVISORS
- Evercore, Inc. and Raymond James & Associates, Inc. are serving as financial advisors to LumiraDx
- BTIG, LLC is serving as financial advisor and capital markets advisor to CA Healthcare Acquisition Corp
- Fried, Frank, Harris, Shriver & Jacobson LLP and Goodwin Procter LLP are serving as legal advisors to LumiraDx
- Sidley Austin LLP is serving as legal advisor to CA Healthcare Acquisition Corp
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