Science 37 SPAC
Transaction Detail.
Sources, Uses. and Pro Forma Cap Table
SOURCES
($M)
Common Stock Issued to S37
Cash Held in Trust(a)
PIPE
Total Sources
($M, %)
PRO FORMA VALUATION
PF Shares
LSAQ Sponsor Shares
Public Shareholders
S37 Roll-Over
PIPE
Pro Forma Shares Outstanding (b)
Share Price
Pro Forma Shares Outstanding
Total Equity Value ($10 per share)
Plus: Debt
Less: Cash
Pro Forma Fully-Diluted TEV
2023E Revenue
EV / 2023E Revenue
Science 37
2.0
8.0
100.0
20.0
130.0
$1,000
80
200
$1,280
Ownership
1.5%
6.2%
76.9%
15.4%
100.0%
$10.00
130.0
$1,300.1
0
(250)
$1,050.0
$182.50
5.8x
($M)
Common Stock Issued
Payment of Transaction Expenses
Cash to Balance Sheet
Total Uses
ILLUSTRATIVE PRO FORMA OWNERSHIP(b)
■ PIPE
■LSAQ Sponsor Shares
■ Public Shareholders
USES
■ S37 Roll-Over
S37 Roll-Over,
76.9%
$1,000
30
250
$1,280
PIPE, 15.4%
LSAQ Sponsor
Shares, 1.5%
Public
Shareholders,
6.2%
Note: deal is on a cash free, debt free basis.
(a) Assumes no redemption from LifeSci's existing public shareholders.
(b) Share count excludes i) 3.146M private placement warrants (strike price of $11.50) that are expected to be converted
into share of common stock at the closing and ii) 12.5M of seller earnout shares (5M shares vesting at $15.00/share
and 7.5M vesting at $20.00/share).View entire presentation