Hudson Executive Investment III, the third blank company formed by Hudson Executive Capital targeting high-growth industries, raised $525 million by offering 52.5 million units at $10. The company raised 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor.
The SPAC is led by President and Chairman Douglas Braunstein, the founder and Managing Partner of Hudson Executive Capital and former CFO of JPMorgan. He is joined by CEO and Director Douglas Bergeron, a Managing Partner at Hudson and former CEO of Verifone.
The team's previous SPACs include Hudson Executive Investment II (HCIIU; +7% from $10 offer price), which recently raised $225 million in January 2021, and Hudson Executive Investment (HECC; +28%), which raised $360 million in June 2020 and has a pending merger agreement with behavioral healthcare company Talkspace. Hudson Executive Investment III intends to focus on a range of potential opportunities, including technology-driven, disruptive companies with desirable growth-oriented characteristics as well as more mature businesses with attractive cash flow characteristics and long-term, sustainable growth profiles.
Hudson Executive Investment III plans to list on the Nasdaq under the symbol HIIIU. Citi, J.P. Morgan and Barclays acted as lead managers on the deal.
