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Helix Acquisition Corp. II (HLXB0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company, a blank check company incorporated in the Cayman Islands, completed its initial public offering on February 13, 2024, raising $184 million by selling 18,400,000 Class A ordinary shares at $10.00 per share.
Simultaneously, the company sold 509,000 Class A ordinary shares in a private placement to its sponsor, generating $5.09 million.
The company has entered into a business combination agreement with BridgeBio Oncology Therapeutics (BBOT) and Helix II Merger Sub, Inc., with the intention to merge BBOT into a wholly-owned subsidiary of the company.
The transaction involves the company deregistering in the Cayman Islands and redomiciling as a Delaware corporation, followed by the merger of Merger Sub with BBOT.
The merger consideration will be determined by dividing $461,051,546 by the redemption price of the Class A ordinary shares.
The completion of the merger is subject to customary closing conditions, including shareholder approvals and a minimum cash condition of $400 million.
In connection with the merger, the company has entered into various agreements, including a support agreement with certain shareholders and subscription agreements for a PIPE investment of approximately $260 million.
The company has until February 14, 2026, to complete its initial business combination, failing which it will redeem the public shares and liquidate.
As of December 31, 2024, the company had cash of $1.7 million and marketable securities of $192.4 million held in a trust account.
The company has determined that mandatory liquidation, should the initial business combination not occur by the deadline, raises substantial doubt about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Helix Acquisition Corp. II annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.