EQ Health Acquisition Corp. (the “Company”), today announced the
closing of its upsized initial public offering of 21,999,960 units
at a price of $10.00 per unit, including 2,869,560 units issued
pursuant to the exercise in full by the underwriters of their
over-allotment option. The units began trading on the New York
Stock Exchange (NYSE) under the ticker symbol “EQHA.U” on January
29, 2021. Each unit consists of one share of the Company’s Class A
common stock and one-half of one redeemable warrant. Each whole
warrant entitles the holder thereof to purchase one share of Class
A common stock at a price of $11.50 per share. Once the securities
comprising the units begin separate trading, the Company expects
that its Class A common stock and warrants will be listed on the
NYSE under the symbols ‘‘EQHA’’ and ‘‘EQHA.WS,’’ respectively.
The Company was formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization, or similar business combination with one or more
businesses. The Company’s efforts to identify a prospective target
business will not be limited to a particular industry or geographic
region, although it intends to focus on healthcare services
companies with enterprise values generally between $600 million and
$1.25 billion. The Company is targeting the following focus areas
within healthcare services: alternative-site providers and
services, home care and hospice, payor services, behavioral health,
dental, physical therapy and veterinary services.
Jefferies LLC and BTIG, LLC acted as joint book running
managers.
Led by a management team with more than 50 years of collective
experience in healthcare services operations, finance, and mergers
and acquisitions, EQ Health’s leadership brings a highly successful
track record of growth and value creation across multi-disciplined
healthcare settings. EQ Health Acquisition Executive Chairman and
Board Chair Lew Little is a premier operator with deep experience
in identifying, building and creating significant value in
healthcare services companies. Most recently, Little executed on
more than $300 million in acquisitions at Covenant Physician
Partners, a comprehensive provider of surgical services, anesthesia
and physician practice management across the GI and Ophthalmology
sectors sponsored by an affiliate of KKR & Co.
“We are thankful for the overwhelmingly strong response from the
market and the confidence in our leadership team and co-sponsor
partner, FS Investments, and the response to our investment
theses,” says Lew Little, Executive Chairman and Board Chair of EQ
Health Acquisition.
EQ Health’s core management team, which consists of Little, CEO
and CFO Scott Ellyson, and COO Benjamin Hanson, previously
partnered at integrated post-acute care provider Harden Healthcare
to expand to more than 230 locations across 13 states, producing
more than $800 million in revenue prior to its sale, which achieved
more than a fifteen times return on invested capital for its
founders.
In addition to its leadership team and an accomplished board of
advisors, EQ Health brings deep financial expertise and access to
capital through its co-sponsor, FS Investments.
“We are thrilled to partner with EQ Health Acquisition as a SPAC
sponsor during such a dynamic time of growth, transformation and
innovation in the healthcare services area,” says Andrew Beckman,
Vice Chair of the Board of the Company. Beckman is also Head of
Liquid Credit and Special Situations at FS Investments, Portfolio
Manager and responsible for managing the firm’s Global Credit
Opportunities Fund and Tactical Opportunities Fund.
“We look forward to leveraging FS’ deep knowledge of public and
private financing, research capabilities and our expansive investor
network to partner with the management team as they search for
company partners, as well as potentially participating in finance
opportunities. We are uniquely positioned for this work, and we
look forward to unlocking shareholder value in today’s
environment.”
DLA Piper LLP (US) serves as the Company’s counsel with Kirkland
& Ellis, LLP representing the underwriters. Marcum, LLP serves
as the Company’s auditor. Continental Stock Transfer and Trust
Company serves as trustee and transfer agent.
The public offering was made only by means of a prospectus.
Copies of the prospectus relating to the offering may be obtained
from Jefferies LLC, Attn: Equity Syndicate Prospectus Department,
520 Madison Avenue, 2nd Floor, New York, NY 10002, by telephone:
877-821-7388 or by email: Prospectus_Department@Jefferies.com; or
BTIG, LLC, 65 East 55th Street, New York, NY 10022, email:
equitycapitalmarkets@btig.com.
Registration statements relating to the securities became
effective on January 28, 2021. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
proposed initial public offering and the anticipated use of the net
proceeds thereof. No assurance can be given that the net proceeds
of the offering will be used as indicated. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of the Company, including those set forth in the
Risk Factors section of the Company’s registration statement and
prospectus for the Company’s offering filed with the U.S.
Securities and Exchange Commission (the “SEC”). Copies of these
documents are available on the SEC’s website, www.sec.gov. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
About EQ Health
Led by an operationally-focused management team with more than
50 years of collective experience in growth and value creation
across multi-disciplined healthcare settings, EQ Health seeks
healthcare services partners that are conventionally viewed as
under-valued, but with opportunities for significant growth with
enterprise values generally between $600 million and $1.25 billion.
The Company targets the following focus areas within healthcare
services: alternative-site providers and services, home care and
hospice, payor services, behavioral health, dental, physical
therapy and veterinary services.
About FS Investments
A leading alternative asset manager with funds across the
liquidity spectrum and more than $23 billion in assets under
management, FS Investments brings significant healthcare investment
expertise in verticals such as health services and point-of-care
platforms, as well as a team of senior executives with 20+ years of
experience in healthcare investing. FS Investments is a leading
asset manager dedicated to helping individuals, financial
professionals and institutions design better portfolios. The firm
provides access to alternative sources of income and growth, and
focuses on setting industry standards for investor protection,
education and transparency. FS Investments is headquartered in
Philadelphia, PA, with offices in New York, NY, Orlando, FL, and
Leawood, KS. Visit www.fsinvestments.com to learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20210203005241/en/
Media Contact – Will Roberts wroberts@jarrardinc.com
865.951.3930
Investor Contact – Benjamin Hanson 512.619.2922
info@eqhealthspac.com
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