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Rockley Photonics To Go Public In $1.2 Billion SPAC Deal

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  • The transaction is expected to deliver up to $323 million of gross proceeds to the combined company, including the contribution of up to $173 million of cash held in SC Health’s trust account
  • The transaction, which has been unanimously approved by SC Health’s board of directors and the independent directors of Rockley’s board of directors, is expected to close in the second quarter of 2021

Rockley Photonics, Ltd, that supplies integrated silicon photonic chips and modules across multiple markets has announced that it has entered into a definitive agreement to combine with SC Health Corp, (SCPE), a publicly traded special purpose acquisition company. The transaction will result in Rockley becoming a publicly traded company on the NYSE under the symbol RKLY and values the company at a pro forma enterprise value of $1.2 billion

The transaction is expected to deliver up to $323 million of gross proceeds to the combined company, including the contribution of up to $173 million of cash held in SC Health’s trust account. The combination is further supported by a $150 million PIPE at $10.00 per share, with participation from top-tier institutional investors including Senvest Management LLC and UBS O’Connor and participation from Medtronic.

Proceeds of the transaction will support the company’s continued growth through ongoing product development in close collaboration with its initial customers, said the company. Existing Rockley shareholders will roll 100 per cent of their equity into the combined company, demonstrating their conviction of Rockley’s continued growth trajectory.

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Expected to close in the second quarter of 2021

The company said, “The transaction will accelerate the commercial launch of Rockley’s unique sensing platform, which is positioned to revolutionise consumer health and wellness by enabling continuous, non-invasive monitoring of multi-modal biomarkers such as lactate, glucose, hydration, blood pressure, and core body temperature.”

It added that built on its highly disruptive silicon photonics platform, Rockley’s “clinic-on-the-wrist” technology is significantly more accurate than LED sensors commonly used today in wearables such as smart watches and fitness bands and allows for continuous monitoring of key vitals in a way that was previously possible only with clinical machines. . By bringing laboratory precision diagnostics to wearables, Rockley will enable consumers to detect diseases earlier, better manage nutrition, and focus on preventive healthcare so they can live better and healthier lives, claimed the company.

It stated, “Rockley is working closely and deeply with some of the world’s largest consumer electronics and wearables companies to provide them with a full-stack solution, including co-packaged hardware devices, biosensing algorithms, firmware, and data analytics to enable these customers to provide meaningful and actionable insights to their users.”

The transaction, which has been unanimously approved by SC Health’s board of directors and the independent directors of Rockley’s board of directors, is expected to close in the second quarter of 2021. It is subject to approval by SC Health’s shareholders and other customary closing conditions, including any applicable regulatory approvals.

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