secwatch.observer — SEC 8-K summary
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Issuer:     Orchestra BioMed Holdings, Inc. (OBIO)
CIK:        0001814114
Form:       8-K
Filed at:   2023-01-31T23:59:59+00:00
Accession:  0001213900-23-006448
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.01, 9.01, 5.02, 3.02, 4.01, 3.03, 8.01, 5.01, 5.03, 5.05, 5.06, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

Orchestra BioMed completes business combination, 20.2M shares issued, earnout up to 8M shares
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- Merger closed Jan 26, 2023; each Orchestra share exchanged for 0.465 HSAC2 share; 20.2M new shares issued to Orchestra stockholders.
- Earnout: up to 8M additional shares contingent on $15 and $20 VWAP milestones; 91% of Orchestra stockholders elected to participate.
- RTW and Medtronic provided $20M forward purchase; RTW backstop purchased 1.81M shares at $10 to ensure $60M minimum cash.
- Sponsor forfeited 750K warrants; 750K new warrants issued to employees with 24-36 month vesting.
- Lock-up: 12 months for initial shareholders and RTW; 6 months for other holders; registration rights filed within 120 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1814114/000121390023006448/0001213900-23-006448-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1814114/000121390023006448/ea172444-8k_orchestra.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-006448

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer