Longview Acquisition Corp. (LGVW) today reported that the merger of Butterfly Network, which will shortly start trading on the New York Stock Exchange, has been approved by its shareholders.
At a special meeting in favor of the deal, Stockholders approved the corporate partnership with approximately 100 percent of Longview securities voting, with a total of six resolutions debated and approved today.
In November, Butterfly Network revealed that it was set to go public via the merger with Longview, and it hired a new CEO ahead of the company combine last month. The merged enterprise will be called Butterfly Network, Inc. and will be traded under the BFLY ticker on the NYSE.
The deadline for electing redemptions has already expired, meaning that before the combination, Longview will have around $589 million in cash, including $175 million to be raised from a private offering that is supposed to close simultaneously with the transaction.
“We would like to thank the shareholders of Longview for their partnership and confidence in us since our May 20, 2020, IPO. We are proud to bring together financial and human capital, industry expertise, connectivity and an extraordinary growth company to significantly accelerate medical innovation, raise the standard of care, reduce cost and improve wellness through Butterfly, the new image of health.”Longview Acquisition corp. CEO – John Rodin
The Butterfly iQ device from Butterfly Network is a transducer that uses semiconductor technologies to use a single handheld probe to perform whole-body imaging. It is powered by the patented Ultrasound-on-Chip technology from Butterfly and connects to a mobile computer and uses AI to provide sophisticated imaging.
In more than 20 nations, including the U.S., Canada, Australia and most of Europe, the platform is commercially accessible.