Conyers provided Cayman Islands legal advice to Hyperfine, Inc. (Hyperfine), creator of the first U.S. Food and Drug Administration (FDA)-cleared portable magnetic resonance imaging (MRI) device, and Liminal Sciences, Inc. (Liminal), a medical device development company dedicated to non-invasive measurement of key vital signs in the brain, in their proposed business combination with HealthCor Catalio Acquisition Corp. (NASDAQ: HCAQ), a healthcare-focused special purpose acquisition company (SPAC).
The transaction is supported by an oversubscribed $126.1 million private investment in public equity (PIPE) with participation from leading institutional investors and reflects a pro forma enterprise value for the combined company of approximately $580 million. Upon closing, which is expected to take place in the fourth quarter of 2021, the combined company will be renamed Hyperfine, Inc. and begin trading on the Nasdaq stock market under the ticker symbol “HYPR.”
The transaction, which is a 3-way merger of entities founded by Dr. Jonathan Rothberg and the SPAC, is designed to create a combined company with synergistic advantages across imaging and monitoring, and the potential to expand the existing $23 billion global imaging market by developing solutions across the care continuum.
Partners Matthew Stocker and Jonathon Milne and Counsel Alex Davies of Conyers’ Cayman office advised on the Cayman Islands legal and regulatory aspects of the transaction working alongside Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. as lead legal advisor to Hyperfine and Liminal.