DTRT Health Acquisition Corp.
DTRTW
NASDAQ Capital Market0.00
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DTRT Health Acquisition Corp.
DTRTW
(NASDAQ Capital Market)
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ROIC.AI
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- Business
- DTRT Health Acquisition Corp. (DTRTW) operates as a blank check company whose purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets, with a primary focus on the healthcare sector; specifically, it targets home and community-based healthcare services including home health, personal and private duty care, home-based therapy, adult day care, medical transportation, pediatric health, facility-based community services, healthcare information technology and software services, care management, behavioral health, staffing, medical devices, and health and wellness programs. The company, incorporated in 2021 and headquartered at 1415 West 22nd Street, Tower Floor, Oak Brook, Illinois 60523, consummated its initial public offering of 23 million units at $10.00 per unit in September 2021, raising $230 million in gross proceeds, with units comprising one share of Class A common stock and one-half of one redeemable warrant (exercisable at $11.50 per whole share); upon separation, the Class A common stock trades under DTRT and warrants under DTRTW on Nasdaq Capital Market. In September 2022, DTRT Health Acquisition Corp. entered into a definitive merger agreement with Consumer Direct Holdings, Inc., a provider of self-directed home care services across 14 U.S. states, valuing the combined entity at an enterprise value of approximately $691 million with expected completion in early 2023; however, the transaction terminated on January 4, 2023, upon notice from Consumer Direct Holdings amid high redemptions exceeding 86% of trust proceeds and failure to secure sponsor extension funding, prompting the company to redeem public shares at approximately $10.28 per share, liquidate its operational trust account of $33.1 million remaining post-redemptions, and dissolve as soon as practicable thereafter in accordance with its charter, with no subsequent business combinations announced as of the latest available disclosures.