HBM Holdings Acquires 3.8% Stake in Spruce Biosciences
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HBM Holdings Ltd. has acquired a 3.8% stake in Spruce Biosciences Inc. by exercising a warrant under their collaboration agreement. This investment, effective January 19, 2026, gives HBM Holdings and HBM Alpha Therapeutics approximately 3.8% of Spruce’s outstanding shares and 3.1% of its fully diluted shares as of September 30, 2025. The transaction does not require any reporting or shareholder approval under Hong Kong Listing Rules, as the percentage ratios are below 5%.
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