<ul><li>Digital Therapeutics (DTx) provider Akili Interactive has completed its merger with Social Capital Suvretta Holdings Corp. (SCS), a special purpose acquisition company (SPAC). The combined entity is listed on the Nasdaq under the ticker symbol “AKLI”. The deal was previously reported to have a transaction value of USD 1 billion.</ul>

• Akili’s stock opened trading on Monday at a value of USD 36 per share but fell below USD 20 during trading hours. The listed entity opened trading with a valuation of USD 448.6 million.

• The transaction brought in USD 163 million in gross proceeds prior to paying advisory fees and transaction expenses. The funds will be used to launch the company’s solution EndeavorRx, an FDA approved DTx for children aged 8 – 12 with attention-related issues. The funds will also be used to support its research initiatives such as its late-stage development of solutions targeting neuropsychiatric disorders. The company notes that the funds should support two years of operations without any revenue from its DTx which has a planned launch for Q4 of 2022.

• Akili CEO and co-founder, Eddie Martucci, will continue to lead the management team and serve on its board while Chamath Palihapitiya, Chairman and CEO of SCS, will become chair of Akili’s board.