Under parent company Deerfield Management, an investment firm devoted to advancing healthcare access and technologies, Deerfield Healthcare Technology Acquisitions Corporation is using its forward momentum to push through the pandemic and emerge even better than ever. COVID-19 may have devastated certain corners of the global economy, but it has provided a time to shine for healthcare and medical tech firms who play their cards right.
The company recently had an initial public offering of 12,500,00 units priced at $10 each. Units are listed under the ticker symbol “DFHTU” on the Nasdaq Capital Market, and consist of one share of Class A stock as well as one-fifth of a redeemable warrant. One whole warrant is equivalent to one share of Class A common stock at $11.50 per share.
The third blank check company within the healthcare sector developed by Deerfield Management and Robert Barasch, they currently hold a market value of $156 million. They plan on looking towards healthcare-relevant industries to focus on the development of med tech, digital health, life sciences, and tech-enabled services. They will initially focus their sights on U.S.-based companies, or healthcare organizations in other developed countries, to identify, acquire, and build businesses.
The IPO was managed by Deutsche Bank Securites, Inc. and UBS Securities LLC. Underwriters have been given a 45-day period to purchase additional units – up to 1,875,000. The company initially filed for a larger IPO on July 1st, with the intentions of making 14.4 million units available at $10 a piece.
Deerfield Healthcare Technology Acquisitions Corporation is currently led by CEO and Director Steven Hochberg and Chairman Richard Barasch. The team also have parallel roles for DFP Healthcare Acquisitions, which has risen 13% since its IPO this March. The dynamic healthcare tech market has provided a silver lining throughout the Coronavirus’ impact on the world’s spending. With markets plummeting and many brick-and-mortar businesses closing their doors for good, investment firms like Deerfield have been providing the capital for novel therapies, medical devices, and healthcare technologies to continue to keep the economy moving forward.