Future Health ESG Corp., a blank check company targeting businesses that support value-based precision healthcare, filed on Thursday with the SEC to raise up to $200 million.
The Dover, DE-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Certain anchor investors intend to purchase $195 million worth of units in the offering (97% of the deal). At the proposed deal size, Future Health ESG Corp. would command a market value of $250 million.
The company is led by CEO and Chairman Bradley Bostic, the founder and CEO of healthcare software company hc1.com and Managing Director of Health Cloud Capital Fund I, and CFO and Director Travis Morgan, who serves as Managing Director and CFO of Health Cloud Capital Fund I and Managing Director of Caravel Ventures. Bostic also previously co-founded SPAC Novus Capital, which completed its combination with AppHarvest (APPH) in February 2021.
The company plans to target opportunities that are at the forefront of smart health technology and are enabling innovative solutions that support the transformation to value-based, precision healthcare. Specifically, it plans to pursue scale-up stage operating companies that leverage modern data science to make healthcare more effective, personalized, and cost efficient, considering target businesses that align with its environmental, social, and governance criteria.
Future Health ESG Corp. was founded in 2021 and plans to list on the Nasdaq under the symbol FHLTU. The company filed confidentially on March 24, 2021. Cantor Fitzgerald is the sole bookrunner on the deal.
