After years of wondering whether founder and executive chairman Vivek Ramaswamy would take Roivant Sciences public, the multi-subsidiary firm will begin trading on the Nasdaq in the third quarter when the company closes its merger with the special purpose acquisition corporation (SPAC) Montes Archimedes Acquisition Corp. (MAAC), which was announced on 3 May.
The deal gives Roivant approximately $611m in new cash, including roughly $411m held in trust by MAAC and $200m from a concurrent private investment in public equity (PIPE) financing at $10 per share, which will extend the company’s operating cash runway through mid-2024
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