Shares of Longview Acquisition (NYSE: LGVW) jumped today, up by 21% as of 12:50 p.m. EST, after the company announced its acquisition target. Longview is a special purpose acquisition company ( SPAC ), which have been all the rage this year.
Longview will merge with Butterfly Network, a Healthcare/"> digital health company that provides access to medical imaging such as ultrasounds. Once the deal closes, the combined company will trade on the New York Stock Exchange under the symbol BFLY. The transaction, which is expected to raise $589 million in gross proceeds, values Butterfly Network at an enterprise value of $1.5 billion.
Image source: Butterfly Network.
For further details see:Why Longview Acquisition Stock Jumped Today