Surrozen completes SPAC merger; PIPE raises $120.2M, shares trade on Nasdaq under SRZN

Surrozen, Inc./DE

Business combination closed Aug 11, 2021; CHFW domesticated as Delaware corporation renamed Surrozen, Inc.
PIPE Financing of $120.2M consummated; 12.02M units at $10.00 per unit with one-third warrant.
6.75M shares redeemed for $67.5M cash; post-merger shares: 35.0M common, 3.2M IPO warrants, 4.0M PIPE warrants.
Surrozen pre-merger net loss $25.7M for H1 2021; accumulated deficit $113.7M as of June 30, 2021.
Pro forma cash increase of ~$123.1M; existing cash of $25.4M plus PIPE proceeds after transaction costs.

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