As a Result of SPAC Deal, Butterfly Network To Be Listed on New York Stock Exchange (NYSE)
Mintz is serving as legal advisor to Butterfly Network, Inc. (Butterfly Network), an innovative digital health company, in its proposed merger with Longview Acquisition Corp. (NYSE: LGVW), a special purpose acquisition company (SPAC) sponsored by Glenview Capital Management, LLC. Upon closing, which is expected to take place in the first quarter of 2021, the combined company will be traded on the NYSE under the ticker symbol “BFLY”. Significantly, the transaction values Butterfly Network at approximately $1.5 billion, and is expected to deliver up to $589 million of gross proceeds.
Headquartered in Guilford, Connecticut and founded in 2011 by scientist and entrepreneur Dr. Jonathan Rothberg, Butterfly Network’s mission is to enable universal access to superior medical imaging, making high quality ultrasound affordable, easy to use, globally accessible and intelligently connected. The company’s flagship product, Butterfly iQ, is the only ultrasound transducer that can perform “whole-body imaging” with a single handheld probe using semiconductor technology. Connected to a mobile phone or tablet, it is powered by Butterfly Network’s proprietary Ultrasound-on-Chip™ technology and harnesses the advantages of artificial intelligence (AI) to deliver advanced imaging that is easy-to-use and improves patient outcomes and lowers cost of care.
“Michael Fantozzi and the Mintz team have been trusted members of the Butterfly family since inception,” said Dr. Rothberg, Founder and Chairman of Butterfly Network.
The Mintz team advising Butterfly Network is led by Managing Member of the Boston Office and Chair of the firm’s Corporate, Tax, Private Client & Immigration Division Michael Fantozzi, Member and Chair of the firm’s Israel Practice Ran Zioni, and Member John Condon.
Mintz is a pioneering firm in the SPAC space and continues its leadership roles in life sciences and sustainability in the growing SPAC market. Having handled the first-ever NYSE SPAC transaction, the firm’s interdisciplinary team draws from decades of experience guiding clients in a broad spectrum of industries through the intricacies of SPAC financings. Notably, the firm has handled over 45 SPAC and reverse merger transactions and worked on high-end SPACs for $1 billion plus value companies. Please click here to learn more about Mintz’s SPAC Practice.