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Intel Chairman and former Medtronic CEO Omar Ishrak has set up a new SPAC that plans to raise $750 million to acquire a company within the health technology sector, according to a SEC filing.
Compute Health Acquisition Corp. plans to sell 75 million units for $10 a piece, which include one share of Compute Health and one quarter of a redeemable warrant, the filing said. Medtronic, a medical device company, plans to acquire 1.5 million units in the offering.
According to Compute Health, artificial intelligence, 5G technologies, and increased computing power will help improve medical treatments and disrupt the current healthcare environment, which is the main focus of the SPAC's acquisition target, though the company could acquire any company within any sector, the filing said.
Goldman Sachs is the sole book-running manager for the deal. The SPAC lists Jean Nehme and Joshua Fink as the co-chief executive officers of the SPAC. Nehme had previously helped found Digital Surgery, which was sold to Medtronic, and Fink is the son of BlackRock's Larry Fink and runs investment firm Ophir Holdings LLC.
The SPAC craze, which started in 2020, has spilled over into 2021. Since the start of the year, 59 SPACs have filed for an IPO, according to data from SPACinsider.com. In 2020, 248 SPACs went public.
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