Freenome closes SPAC merger, raises $310M, and begins trading as FRNM
Summary
Freenome closed its SPAC merger with Perceptive Capital Solutions Corp, raising $310 million and listing on Nasdaq as FRNM. The deal includes a $240 million PIPE and finalizes the capital structure with 107.4 million shares outstanding.
Key Events · M&A and Partnerships · PCSC
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SPAC Merger Closes
On July 20, 2026, Freenome completed its business combination with Perceptive Capital Solutions Corp and began trading on Nasdaq under the ticker FRNM.
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$310 Million in Gross Proceeds
The company raised approximately $310.3 million, including $240 million from a PIPE at $10.00 per share and $70.3 million from the trust account, before transaction expenses.
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Final Share Structure
A total of 107,446,814 shares of New Freenome Common Stock are outstanding, with 68.1 million shares to legacy Freenome holders, 6.5 million to PCSC public shareholders, 2.4 million to the sponsor, and 24 million to PIPE investors. The Roche Convertible Note converted into 6.5 million shares.
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Board and Management Changes
The board was reduced from nine to seven directors, with Aaron Elliott appointed CEO, Linh H. Le as CFO, Riley Ennis as Chief Product Officer, and Cheng-Ho Jimmy Lin as Chief Scientific Officer.
Analysis · PCSC · Industrial Applications And Services
Freenome completed its merger with Perceptive Capital Solutions Corp, raising $310 million in gross proceeds and listing on Nasdaq under the ticker FRNM. The deal brings in $240 million from a PIPE and $70 million from the trust, giving the company a cash runway to advance its blood-based cancer screening tests. The final share count of 107.4 million shares and the conversion of the Roche note add clarity to the capital structure. The board was trimmed to seven directors, and new equity plans were adopted, setting the stage for post-merger operations. The auditor change from Withum to EY is a procedural step but notable given the going concern warning in the recent 10-Q. This is the culmination of a process that began in April 2026, and the market now has the final terms.
At the time of this filing, PCSC was trading at $12.20 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $123.2M. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.