Helix Acquisition II retains over 60% of trust account after redemptions

Helix Acquisition Corp. II and TheRas announced that Helix retained approximately $120 million in its trust account, net of redemptions by public shareholders, representing more than 60% of the cash held in trust. The deadline for submitting redemption requests was July 31, 2025. As a result, the transaction is expected to raise an aggregate of approximately $382 million in gross proceeds, including $120 million from Helix’s trust account and approximately $261 million from a common stock private placement transaction led by Cormorant Asset Management and including ADAR1 Capital Management, BC Capital, investment funds affiliated with Deerfield Management Company, Enavate Sciences, Eventide Asset Management, Novo Holdings A/S, Octagon Capital, Omega Funds, Paradigm BioCapital Advisors, StemPoint Capital LP, Surveyor Capital, Wellington Management, and another leading mutual fund. Helix and BBOT intend to proceed expeditiously with the closing of the business combination, subject to the satisfaction or waiver of closing conditions.