Hudson Executive Investment Corp. (NASDAQ:HEC) shareholders announced in a press release today that its shareholders approved its combination with virtual behavioral healthcare company Talkspace at a special meeting earlier today.
The press release did not mention redemption amounts, but stated that 94.51% of the votes cast, representing approximately 74.05% of HEIC’s outstanding shares, voted to approve the business combination with Talkspace.
The parties now expect to close the deal June 22, after which its shares and warrants will trade on the Nasdaq under the symbols “TALK” and “TALKW,” respectively, on June 23.
It comes as no surprise that the virtual mental health provider did well during the COVID pandemic where many were faced with lockdowns and quarantine. Talkspace delivered a strong Q1 2021 for operational and financial results as its net revenue grew by 144% year-over-year to $27.2 million. Total active members grew by 110% during this same time period as individuals and employers’ attitudes shifted to focus on mental health. However, today’s meeting did not seem to settle well with investors as HEC plummeted over 5.7% to $9.23 following the announcement.
Hudson Executive and Talkspace initially inked its $1.4 billion deal on January 13. Talkspace connects users to licensed mental health care providers through a web and mobile platform and can also provide psychiatric services and prescription fulfillment.
- J.P. Morgan Securities LLC acted as lead financial advisor to Talkspace.
- Jefferies acted as financial advisor to Talkspace.
- Latham & Watkins LLP acted as legal counsel to Talkspace.
- Citigroup Inc and J.P. Morgan Securities LLC acted as capital markets advisors and placement agents.
- Citigroup acted as financial advisor to Hudson Executive Investment Corp.
- Milbank LLP acted as legal counsel to Hudson Executive Investment Corp.
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