Virtual behavioral healthcare company Talkspace and Hudson Executive Investment, a special purpose acquisition company, announced the completion of their previously announced business combination. Beginning on June 23, 2021, the combined entity named Talkspace, Inc. and its shares of common stock and warrants have begun trading on the Nasdaq Stock Market under the new ticker symbols “TALK” and “TALKW,” respectively.
The pro-forma entity is expected to have $250 million of available cash, which will be used to grow its user base, add partnerships and expand internationally. HEIC shareholders approved the transaction during an extraordinary meeting held on June 17, 2021.
On the record
Oren Frank, Co-founder and CEO of Talkspace, said, “Roni and I are thrilled to complete this transaction and enter the next phase of Talkspace’s journey. As a public company, we believe we will be able to further enhance access to high-quality mental health services, lowering cost and improving clinical outcomes at scale. Mental health is increasingly recognized as an essential need, and we believe Talkspace’s unique ability to treat a wide spectrum of acuities is pivotal to address the vast, unmet and growing demand for behavioral health services in innovative ways. Hudson Executive is an invaluable partner that will bring extensive expertise and relationships to Talkspace and will contribute to advance our mission.”
Douglas L. Braunstein, Founder and Managing Partner of Hudson Executive Capital and incoming Chairman of the Talkspace Board of Directors, commented, “Today marks a very important milestone in digital behavioral health. Talkspace’s technology-enabled operating model combines wide access to high-quality mental health resources with a rigorous, data-driven approach to clinical treatment. We are excited to partner with Oren and his world-class team at Talkspace to democratize access to behavioral health.”
J.P. Morgan Securities LLC acted as lead financial advisor and Jefferies acted as financial advisor to Talkspace. Latham & Watkins LLP acted as legal counsel to Talkspace. Citigroup and J.P. Morgan Securities LLC acted as capital markets advisors and placement agents. Cowen, William Blair and SVB Leerink acted as capital markets advisors. Citigroup acted as financial advisor and Milbank LLP acted as legal counsel to Hudson Executive Investment Corp.