The first Qatari to list his company on the NYSE
This makes al-Maadeed the first Qatari and Gulf national to set up a U.S. company listed on the U.S. Stock Exchange. Babylon Holdings Limited has been listed under the ticker symbol “BBLN”.
Babylon’s listing, which offers clinical consultations and interactions with artificial intelligence, follows rapid progress across all of its business segments, making it one of the fastest growing digital health companies faster to go public this year.
“Babylon is one of the most exciting stories in healthcare and technology, and we’re excited to help them on what we believe is a truly decisive path as an open society,” Rich said. Williams, Managing Director of Alkuri.
Alkuri shareholders approved the combination in October as part of a deal that provided Babylon with approximately $ 460 million in proceeds, including cash held in Alkuri’s trust account.
At a special meeting held in October 2021, Alkuri shareholders approved the business combination, including the merger agreement, by and between Babylon Holdings, Alkuri Global Acquisition, Liberty USA Merger Sub, Inc., Alkuri Sponsors and Dr Ali Parsadoust, Chief Executive Officer and Founder of Babylon, and related agreements and transactions contemplated by it.
“We believe we have provided an incredibly attractive entry point for a category-defining company in a $ 10 billion global industry that we believe is in the early stages of its technological revolution,” said Williams, adding potential rewards of this merger. with Babylon would extend far beyond the economy.
“As we embark on the next step in our journey as a public company, we believe we are only just beginning as we seek to reorganize every touchpoint across the healthcare continuum,” said the CEO of Babylon, which increased its income. by 394% from 2020 to 2021, and by 472% for the six-month period ended June 30, 2021.
Alkuri Global Acquisition, listed on NASDAQ, was incorporated as a Delaware corporation, the business objective of which is to effect a merger, stock exchange, asset acquisition, share purchase, reorganization or a similar business combination with one or more businesses, which she calls the initial combination business.
Believing that there are many target entities that could become attractive public enterprises, the company said its target sectors are in disruptive technologies, with a focus on consumer internet and markets, health, financial technologies and mobility.
The company, which already has institutions registered in the share register, is focused on identifying potential target companies with above industry average growth and a defensible market position with higher enterprise value. to $ 750 million, where the operational, strategic or managerial leadership team expertise can help maximize value.