Asia-Focused Biotech SPAC Valuence Merger I Prices US$200 Million IPO
Special purpose acquisition company Valuence Merger Corp. I (Nasdaq: VMCAU) started trading on the Nasdaq Global Market today. The firm aims to raise US$200.0 million in its initial public offering.
The offering consisted of 20.0 million company units at US$10.00 per unit. Each unit contains one Class A common share and one-half of a redeemable warrant. Each whole warrant is exercisable for one common share at US$11.50 per share. The company units are currently trading under the symbol “VMCAU” while the shares and purchase warrants, once trading separately, will be trading under “VMCA” and “VMCAW”, respectively.
SVB Leerink acts as the sole bookrunner for the said offering. The underwriters were granted a 45-day overallotment option to purchase additional 3.0 million units at the same IPO price.
The blank check firm is being led by CEO Sung Yoon Woo, the CEO of South Korean private equity firm Credian Partners. The firm also expects to partner with venture capital firm CrystalBioSciences and Japan-based consulting firm Quantum Leaps,
For its target businesses, the firm said it intends to search for businesses “in Asia (excluding China, Hong Kong, and Macau) with a particular focus… in life sciences and/or sustainable technology.”
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
