NEW YORK & MIAMI – (COMMERCIAL THREAD) –Deerfield Healthcare Technology Acquisitions Corp. (“DFHT”) (NASDAQ: DFHT; DFHTW; DFHTU), a special purpose acquisition company sponsored by a subsidiary of Deerfield Management Company, LP (“Deerfield”) and Richard Barasch, an executive and senior investor in a public health care company, today announced that shareholders of DFHT voted to approve all proposals related to the proposed business combination with CareMax Medical Group LLC (“CareMax”) and IMC Medical Group Holdings LLC (“IMC”), in order to create a healthcare platform based on technology providing value-based care and chronic disease management to the elderly. The DFHT board of directors had previously approved the business combination and recommended that its shareholders vote in favor of it as well as all proposals relating to the business combination. There was no buyout by DFHT shareholders as part of the business combination.
In addition to approving the business combination, DFHT shareholders approved proposals to: (i) issue certain securities as part of the business combination, as required by the Nasdaq listing rules; (ii) amend and reword the Amended and Restated Certificate of Incorporation of DFHT to, inter alia, change the name from DFHT to CareMax, Inc., and increase the total number of authorized shares of all classes to 261,000,000; and (iii) approve the Company’s 2021 long-term incentive plan.
DFHT President and New CareMax Executive Chairman Richard Barasch said: “I have spent much of my career working with primary care physicians to improve health care outcomes in a more cost effective manner. . We believe that the business combination with CareMax will expand this model to more seniors across the country. ”
Carlos de Solo, CEO of CareMax, shared a similar enthusiasm for the future. “We have spent the past decade cultivating a repeatable business model for bringing medical care to underserved people while delivering strong results to our shareholders. We believe that the business combination with DFHT will provide us with the necessary capital to accelerate our national expansion. ”
The business combination is expected to close on or about Tuesday, June 8, 2021. Upon closing, CareMax and IMC will become wholly owned subsidiaries of DFHT, which will be renamed CareMax, Inc. (“CareMax”). The amalgamated and renamed company expects its Class A common shares and public warrants to begin trading on the Nasdaq Global Select Market under the new trading symbols “CMAX” and “CMAXW”, respectively, at from or around Wednesday June 9, 2021.
About Deerfield Healthcare Technology Healthcare Acquisitions Corp.
Deerfield Healthcare Technology Acquisitions Corp. is a blank check company whose business objective is to effect a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses . The Company Sponsor is a subsidiary of Deerfield Management Company, LP, an investment firm focused exclusively on the healthcare industry, and Richard Barasch, a senior executive and investor in a public healthcare company.
CareMax is a technology-based care platform that provides value-based care and chronic disease management to the elderly. Following the closing of the business combination with DFHT, the Company will operate 26 wholly-owned medical centers offering a full range of health and social services, as well as a proprietary software and services platform that provides data, analytics, and rule-based decision workflow tools for physicians across the United States.
This press release includes certain statements which are not historical facts but are forward-looking statements for the purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “believe,” may “,” will “,” estimate “,” continue “,” anticipate “,” intend “,” expect “,” should “,” should “,” plan ” “,” Predict “,” seem “,” seek “,” future “,” prospect “and similar expressions which predict or indicate future events or trends or which are not statements of historical subjects. These forward-looking statements include, without limitation, statements regarding the business combination allowing the expansion of the combined business model of CareMax, the expectation that the Class A common shares and the public warrants of the combined company will be listed on the Nasdaq after the closing, the expected closing date of the business combination and the date on which the Class A common shares and public warrants begin to trade. These statements are based on various assumptions and current expectations of DFHT, management of CareMax and management of IMC and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to be used as, and should not be relied upon by any investor as, a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many real events and circumstances are beyond the control of DFHT, CareMax and IMC. These forward-looking statements are subject to a number of risks and uncertainties, including the outcome of legal and administrative proceedings to which CareMax or IMC may become a party or government investigations to which CareMax or IMC may become subject which could interrupt or limit CareMax. or IMC’s operations result in adverse judgments, settlements or fines and create negative publicity; changes in the preferences, outlook and competitive conditions prevailing in the healthcare industry of CareMax or IMC customers; failure to realize the expected benefits of the business combination, including due to a delay in closing the business combination or a delay or difficulty in integrating the activities of DFHT, CareMax and IMC ; the amount of redemption requests made by DFHT shareholders; the factors discussed in DFHT’s filed proxy circular relating to the business combination, including those mentioned in the “Risk Factors” section thereof, and other DFHT documents filed with the SEC. If the risks materialize or if the assumptions prove to be incorrect, actual results could differ materially from the results suggested by these forward-looking statements. There may be additional risks that neither DFHT, CareMax nor IMC are currently aware of or that DFHT, CareMax and IMC currently consider to be insignificant, which could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements reflect DFHT, CareMax and IMC’s expectations, plans or forecasts of future events and views as of the date of this press release. DFHT, CareMax and IMC predict that subsequent events and developments will cause the ratings of DFHT, CareMax and IMC to change. DFHT, CareMax and IMC specifically disclaim any obligation to update these forward-looking statements in the future. These forward-looking statements should not be taken as representing the assessments of DFHT, CareMax and IMC as of a date subsequent to the date of this press release. Therefore, one should not place undue reliance on forward-looking statements.