Deerfield Healthcare SPAC to combine with Caremax, IMC Medical

• Deerfield Healthcare Technology Acquisitions (NASDAQ:DFHT), a blank-check firm sponsored by an affiliate of Deerfield Management, has announced a business combination with CareMax Medical Group and IMC Medical Group Holdings.
• DFHT expects to be renamed CareMax and will remain listed on the Nasdaq under a new ticker symbol; combined firm will operate 26 wholly owned medical centers in south and central Florida serving seniors and will own the CareOptimize technology platform.
• Total consideration for CareMax Medical Center’s business, including Care Optimize, will be ~$364M; net of debt, the current equity holders, who are primarily the founders and executives, will receive 68% in cash and 32% in shares
• Consideration to IMC Health equity holders will be $250M cash and 55% in shares.
• Equity holders of IMC Health include Comvest Partners and Athyrium Capital Management.
• Current equity holders of CareMax Medical Centers and IMC Health will be entitled to receive an earn out of up to 6.4m shares of CareMax common stock, with vesting based on the share price.
• Investors including Deerfield, Fidelity Management & Research, Eminence Capital, funds and accounts managed by BlackRock and Maverick have committed to purchase over $400M of shares at $10 each through a private placement in public entity.
• DFHT estimates that, assuming no redemptions of DFHT shares, the combined company will have an initial market cap of ~$800M with ~$233M of cash on the balance sheet.
• https://seekingalpha.com/news/3645806-deerfield-healthcare-spac-to-combine-caremax-imc-medical