Portable MRI developer Hyperfine plans to go public with the listing of the company's shares on the Nasdaq stock exchange. Hyperfine plans to use a special purpose acquisition company (SPAC) as the vehicle for going public.
Hyperfine inked a deal with Liminal Sciences and HealthCor Catalio Acquisition, a special purpose acquisition company, to form a combined company to be publicly listed under the name "Hyperfine, Inc."
Hyperfine is the developer of Swoop, a portable MRI system. Liminal is currently developing an advanced, noninvasive technology to monitor brain vital signs, including blood flow and pressure. The combined company is expected to have approximately $375 million in cash after closing, assuming no redemptions, according to Hyperfine.
The proposal is expected to close in the fourth quarter this year. The combined company is expected to be listed on Nasdaq under ticker symbol HYPR, the company said.
