ATLANTA, July 1, 2021 /PRNewswire/ -- Sharecare, Inc.
("Sharecare"), the digital health company that helps people manage
all their health in one place, today announced that it has
completed its business combination with Falcon Capital Acquisition
Corp. ("Falcon") (NASDAQ: FCAC), a special purpose acquisition
company. The transaction was approved by Falcon's shareholders on
June 29, 2021, during a Special
Meeting in which 97% of the votes cast were in favor of merger.
Beginning July 2, 2021, Sharecare's
shares of Class A common stock will trade on the NASDAQ under the
symbol "SHCR."
"Sharecare is the leader in digital health engagement and the
only platform empowering people to navigate, activate, and connect
with their doctor, insurance company, and employer benefits all in
one app, unifying the disparate elements of each person's
well-being journey," said Jeff
Arnold, founder, chairman, and chief executive officer of
Sharecare. "As a profitable, high-growth company with zero debt on
our balance sheet, we intend to use the proceeds from this
transaction to fund continued growth through product development,
expansion of our commercialization capabilities, and M&A. We
look forward to this next phase as a public Company and are
laser-focused on simplifying the overall health experience,
improving outcomes, and reducing cost on behalf of individuals,
communities, and organizations everywhere."
As a result of the business combination, Sharecare will receive
gross proceeds of over $571 million,
prior to transaction expenses, including investments from funds
managed by Koch Strategic Platforms, Baron Capital Group, Eldridge,
Woodline Partners LP, and strategic partner, Digital Alpha which
will be used to fuel continued growth, engagement, and innovation.
Separately, Anthem, Inc. made a direct investment in Sharecare, and
the Companies are partnering to build affordable, high-quality,
whole-health advocacy solutions. Arnold and Sharecare's management
team will continue to lead the combined company.
"We believe passionately in Sharecare's ability to drive
meaningful transformation across the healthcare ecosystem and
innovate at scale," said Alan
Mnuchin, chairman and chief executive officer of Falcon. "We
had very specific selection criteria in mind for our ideal partner:
an organization that developed an industry-leading solution,
demonstrated the readiness of a public company, and truly
represented a differentiated 'category of one.'
Sharecare is that organization; and with Jeff and the
incredible management team, we are confident in the Company's
vision, diverse business model, and, most importantly, its ability
to impact positive change in millions of people's lives."
"We think of Koch as a laboratory—a place for innovation and
experimentation—which allows us to bring value beyond just
investing when it's appropriate, and we are excited about the
opportunity to contribute to Sharecare's success as it enters the
public market," said David Park,
president of Koch Strategic Platforms. "As an innovative company
with great long-term fundamentals sitting at the intersection of
media, technology, and healthcare, Sharecare is well positioned to
drive much needed disruption across the digital health
continuum."
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC
acted as financial advisors and King & Spalding LLP acted as
legal counsel to Sharecare. BTIG, LLC and Canaccord Genuity LLC
acted as capital markets advisors to Sharecare. Goldman Sachs Group
acted as financial advisor and White & Case LLP acted as legal
counsel to Falcon Capital Acquisition Corp. Goldman Sachs and J.P.
Morgan Securities LLC acted as joint placement agents in connection
with the PIPE offering.
About Sharecare
Sharecare is the leading digital health company that helps
people – no matter where they are in their health journey – unify
and manage all their health in one place. Our comprehensive and
data-driven virtual health platform is designed to help people,
providers, employers, health plans, government organizations, and
communities optimize individual and population-wide well-being by
driving positive behavior change. Driven by our philosophy that we
are all together better, at Sharecare, we are committed to
supporting each individual through the lens of their personal
health and making high-quality care more accessible and affordable
for everyone. To learn more, visit www.sharecare.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: "may," "will," "could," "would,"
"should," "expect," "intend," "plan," "anticipate," "believe,"
"estimate," "predict," "project," "potential," "continue,"
"ongoing" or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Although we believe that we have a reasonable basis for
each forward-looking statement contained in this press release, we
caution you that these statements are based on a combination of
facts and factors currently known by us and our projections of the
future, about which we cannot be certain. Forward-looking
statements in this press release include, but are not limited to,
the intended use of proceeds from the business combination,
Sharecare's anticipated future performance and its ability to
innovate and positively impact the healthcare ecosystem. We cannot
assure you that the forward-looking statements in this press
release will prove to be accurate. These forward-looking statements
are subject to a number of significant risks and uncertainties that
could cause actual results to differ materially from expected
results, including, among others, the ability to recognize the
anticipated benefits of the business combination, the outcome of
any legal proceedings that may be instituted against Falcon or
Sharecare, the impact of COVID-19, the ability to maintain the
listing of Sharecare's common stock on Nasdaq following the
business combination, changes in applicable laws or regulations,
the possibility that Sharecare may be adversely affected by other
economic, business, and/or competitive factors, and other risks and
uncertainties, including those included in Falcon's or Sharecare's
filings with the Securities and Exchange Commission. Most of these
factors are outside of Falcon's and Sharecare's control and are
difficult to predict. Furthermore, if the forward-looking
statements prove to be inaccurate, the inaccuracy may be material.
In light of the significant uncertainties in these forward-looking
statements, you should not regard these statements as a
representation or warranty by us or any other person that we will
achieve our objectives and plans in any specified time frame, or at
all. The forward-looking statements in this press release represent
our views as of the date of this press release. We anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we have no current
intention of doing so except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing our views as of any date subsequent to
the date of this press release.
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