Healthcare Merger II, a blank check company led by Steven Shulman and William Sanger targeting the healthcare industry, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $300 million by offering 30 million units at a price of $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50.
The company was set to be led by Co-CEO and Director Steven Shulman, the Managing Partner of Shulman Family Ventures and former CEO of Magellan, and Co-CEO and Director William Sanger, the Co-Owner and Chairman of EA Health Solutions, Managing Partner of Sanger Holdings, and co-founder and Managing Partner of BIDON Companies.
Shulman's previous SPAC, Healthcare Merger Corp., completed its acquisition of SOC Telemed (TLMD; -93% from $10 offer price) in October 2020.
The New York, NY-based company was founded in 2020, and planned to list on the Nasdaq under the symbol HCXXU. Cantor Fitzgerald was set to be the sole bookrunner on the deal.
