SPAC Monterey Bio Acquisition Files For $100M IPO
Summary
- SPAC Monterey Bio Acquisition Corp. has filed to raise $100 million in an IPO.
- The New York City-based blank-check company plans to sell 10M shares of common stock at $10/share and trade on the NASDAQ under the symbol "MTRYU", according to an S-1 filing.
- The SPAC is looking to acquire a biotech company with demonstrated success.
Monterey Bio Acquisition Corp., a New York City-based blank-check company, has filed registration papers with the U.S. Securities and Exchange Commission to raise an estimated USD 100m in an IPO.
The company plans to offer 10M shares at a price of $10 per share. Each unit includes one share of common stock and one warrant, exercisable at $11.50.
Proceeds will be used to acquire a biotech company with a demonstrated track record of success, and to ultimately build a "public clinical stage biotech enterprise," according to the S-1 filing. The initial focus will be on oncology and immunology.
The underwriters have been granted a 45-day option to purchase up to an additional 1.5M units at the IPO price, less the underwriting discount, to cover over-allotments, if any.
Monterey Bio Acquisition is led by CEO Sanjeev Satyal, the former CEO of clinical-stage biopharma pH Pharma, and CFO William McKeever, a financial consultant for the healthcare industry.
The SPAC hired Chardan as the sole book-running manager and Greenberg Traurig LLP as its legal counsel for the offering.
According to the regulatory filing, the company stated it plans a NASDAQ listing under the symbol “MTRYU”.
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