secwatch.observer — SEC 8-K summary
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Issuer:     Orchestra BioMed Holdings, Inc. (OBIO)
CIK:        0001814114
Form:       8-K
Filed at:   2022-07-05T23:59:59+00:00
Accession:  0001140361-22-024892
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

HSAC2 (HSAQ) enters SPAC merger with Orchestra BioMed; $20M forward purchase agreements, $60M cash condition
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- Orchestra stockholders receive 0.465 HSAC2 shares per share; earnout up to 8M additional shares at $15/$20 VWAP milestones.
- RTW Funds and Medtronic affiliate each commit $10M in forward purchases; RTW also backstops to meet $60M minimum cash condition.
- Minimum $60M cash at closing required; sponsor forfeits 1M shares and 750K warrants subject to earnout and lock-up conditions.
- Post-closing company renamed Orchestra BioMed Holdings; board will consist of existing Orchestra directors.
- Outside closing date February 6, 2023; deal requires shareholder and regulatory approvals.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1814114/000114036122024892/0001140361-22-024892-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1814114/000114036122024892/ny20004465x4_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-22-024892

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