ProKidney ( NASDAQ: PROK ), which is developing a treatment for kidney disease, has gone public through a merger with SPAC Social Capital Suvretta Holdings Corp. III (DNAC).
Shares of ProKidney began trading on Nasdaq under the symbol PROK on Tuesday. The stock recently changed hands at $8.60, down 7% from its pre-merger closing price of $9.28.
Last week, SCS said that it was delaying a shareholder vote on the merger to allow the companies more time to meet certain closing conditions. The vote had originally been scheduled for July 6.
Based in North Carolina, ProKidney has been developing a cellular therapy called REACT for the treatment of chronic kidney disease, or CKD. The product is currently in Phase III testing for diabetic CKD.
In a statement Tuesday, the companies said the deal generated gross proceeds of $597M , which will be used to help fund clinical trials and a potential global launch of REACT for CKD. Social Capital shareholders approved the deal on July 11.
ProKidney and SCS announced plans to merge in January. The deal was expected to create a combined company with a post-money equity valuation of $2.64B and provide up to $825M in gross proceeds.
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ProKidney goes public through merger with SPAC Social Capital Suvretta, stock slides 7%