Indy-based Future Health ESG Corp. goes public, the latest in a flurry of SPACs to hit Wall Street

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A “blank check company” headed by Indianapolis medical-software businessman Bradley Bostic has launched its initial public offering as it seeks to raise about $200 million.

The company, called Future Health ESG Corp., held its IPO on Friday, making it central Indiana’s latest public company.

The company offered 20 million units for sale, priced at $10 each. Each unit consists of one share of common stock and one-half of one redeemable warrant, which entitle the holder to purchase one share of common stock at $11.50.

Share were trading at $9.92 in midafternoon trading on Monday under the ticker FHLTU.

Future Health ESG is the latest in a flurry of so-called “special purpose acquisition companies,” or SPACs, that are taking Wall Street by storm. SPACs are essentially shell companies, with no operations, that exist only to raise funds and buy one or more businesses and merge with them as a way to take those companies public.

Future Health said in its filing it is targeting companies for merger “that leverage modern data science to make health care more effective, personalized and cost efficient.” It did not narrow its merger criteria, opening the doors to a wide array of possible deals.

In its filing, the company said it has not yet selected a target business but believes there are “numerous potential candidates.”

In a brief email to IBJ on Monday, Bostic declined to comment, citing the company’s so-called “quiet period,” which he said runs through Tuesday.

He earlier told IBJ that health care is an underserved sector in the world of SPACs, which have recently raised hundreds of billions of dollars.

He added that less than 3% of the more than $120 billion of SPAC capital currently seeking business combinations is focused on “scale-up-stage health technology.”

“We formed the Future Health ESG SPAC because growth-stage health tech companies are currently under-represented [among public companies], and we feel our team is uniquely qualified to help deserving and disruptive health care technologies access the capital necessary to achieve their full potential,” he wrote.

Bostic is also CEO of hc1.com, an Indianapolis-based health software company that offers a suite of cloud-based products that enable organizations to process business and clinical data into information that helps deliver personalized care.

In his 10 years at hc1.com, Bostic has raised more than $50 million in venture capital.

Hc1.com is based at 6100 Technology Center Drive near Zionsville Road and West 96th Street.  Customers include more than 1,000 health care systems and diagnostic laboratory sites, including Brigham and Women’s Hospital, Incyte Diagnostics, McLaren Health Care and Sonora Quest Laboratories.

This is not Bostic’s first run with a SPAC. He also served as a co-founder and director (but not CEO) of Novus Capital Corp., another blank-check company that formed last year and raised $100 million. Last fall, Novus announced it was buying AppHarvest, a Kentucky-based farming company that uses high-tech greenhouses for year-round growing conditions. The two companies merged Feb. 1 under the AppHarvest name.

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