Custom Health is merging with blank-cheque company Berenson Acquisition Corp. (BACA) to go public on the New York Stock Exchange. The deal is expected to close in the second quarter of 2024. (The Logic)

Talking point: Custom Health creates personalized health plans for patients with multiple medical conditions, but the merger is an unlikely development in today’s market environment. Medtech startups were prime targets for SPACs during the 2021 craze, but far fewer of them than expected—particularly in Canada—have gone public through these deals. Berenson, which raised US$250 million in a September 2021 initial public offering, appeared close to winding up this year. After it failed to find a company to merge with by its September 2023 deadline (which it extended by one year), investors redeemed about 60 per cent of their money from the company’s trust. “Our goal was to partner with a business led by a mission-driven management team with a vision,” BACA CEO Mohammed Ansari said Friday in a press release. “We believe we have found that in Custom Health.”