Humacyte, Inc. announced that it will issue 17,500,000 shares of Class A common shares at an issue price of $10 per share for gross proceeds of $175,000,000 on February 17, 2021. The company has entered into subscription agreements with OrbiMed Advisors LLC, Monashee Investment Management LLC, Alexandria Venture Investments, LLC, UBS O'Connor LLC, Morgan Creek Capital Management, LLC, returning investor Fresenius Medical Care AG & Co. KGaA and a number of unnamed health care focused funds.

The transaction is expected to close simultaneously with the business combination.