Longview Acquisition Corp. announced today that its stockholders approved its merger with Butterfly Network, which will soon begin trading on the New York Stock Exchange.
Stockholders approved the business combination with nearly 100% of the shares of Longview voted at a special meeting in favor of the merger, with a total of six proposals considered and approved today.
Butterfly Network announced in November that it was set to go public through the merger with Longview and last month it appointed a new CEO ahead of the business combination. The combined company will be renamed Butterfly Network, Inc., and trade on the NYSE under the BFLY ticker.
The deadline for electing redemptions has passed as well, meaning Longview will have approximately $589 million in cash before the combination, including $175 million to be received from a private placement that’s expected to close concurrently with the merger.
“We would like to thank the shareholders of Longview for their partnership and confidence in us since our May 20, 2020, IPO,” Longiew CEO John Rodin said in the release. “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.”
Butterfly Network’s Butterfly iQ system is a transducer that uses semiconductor technology to perform whole-body imaging using a single handheld probe. It’s powered by Butterfly’s proprietary Ultrasound-on-Chip technology and connects to a mobile device and uses AI to deliver advanced imaging.
The platform is commercially available in more than 20 countries, including the U.S., Canada, Australia and much of Europe.