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This week Reuters reported that two more major digital health companies are discussing potential merger agreements with special purpose acquisition companies (SPACs) that would lead to multibillion dollar valuations.
The first, reported late Tuesday, is app-based patient-engagement and benefits-navigation platform Sharecare.
Per Reuters anonymous sources, the proposed deal would see Sharecare acquire doc.ai – a startup that builds artificial intelligence tools for healthcare industry clients – and subsequently merge with Falcon Capital Acquisition Corp, an SPAC led by prominent investor Alan G. Mnuchin that closed $345 million in an IPO last September. One of Reuters sources said that the two-part deal would bring the merged companies to a nearly $4 billion valuation.
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DraftKings Inc. (NASDAQ: DKNG) and
Skillz Inc. (NASDAQ: SKLZ).
Flying Eagle Acquisition raised $690 million with units that included one-third of a warrant in January 2020. The company announced their merger with Skillz, valuing the mobile gaming company at $3.5 billion.
Diamond Eagle Acquisition raised $400 million in April 2019 with units that also included one-third of a warrant. The company merged with DraftKings in a deal that valued the sports betting company at $2.7 billion.
The company also did deals that included Target Logistics, Williams Scotsman, Global Eagle Entertainment and Videocon, which is now part of Dish TV India.
DraftKings has been one of the best performing SPACs of the year with shares trading at $52.11, up over 400% from their $10 offering price. Shares have traded as high as $63.78 this year.