Social Capital Suvretta Holdings Corp. II (DNAB)

Social Capital Suvretta Holdings Corp. II was a special purpose acquisition company, or SPAC, sponsored jointly by Chamath Palihapitiya's Social Capital and Suvretta Capital. It had no operating business of its own. Its purpose was to raise money from public investors, hold it in a trust account, and use it to take a private company public through a merger. The sponsors aimed the vehicle at the biotechnology and life sciences sector. Its Class A ordinary shares traded on NASDAQ under the symbol DNAB.

The company was one of four similar SPACs that the two sponsors listed together in mid-2021, trading under the tickers DNAA, DNAB, DNAC and DNAD. The series was designed to give public investors exposure to private biotech companies before they reached a traditional IPO. Two of its siblings did find targets. DNAA combined with digital therapeutics developer Akili Interactive in 2022, and DNAC merged with kidney disease company ProKidney the same year.

DNAB was not able to agree on a transaction before its deadline. The biotech funding market had cooled sharply after 2021, and investor appetite for SPAC mergers had faded along with it. In May 2023 the company said it would not complete an initial business combination and would instead return the trust money to shareholders. Its sister vehicle DNAD made the same decision at about the same time.

Each public Class A share was cancelled at the close of business on June 30, 2023 in exchange for the right to receive a redemption amount of about $10.35 per share. That figure reflected the original $10.00 per share placed in trust plus the interest earned while the money was held. NASDAQ suspended the shares effective July 3, 2023, and the company was wound up afterward. No successor security trades in its place.