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SPAC Monterey Bio Acquisition Files For $100M IPO

Sep. 08, 2021 12:09 PM ETMTRY.UN
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  • 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.
Cells and biological chain,molecules and abstract conception,3d rendering.
Jian Fan/iStock via Getty Images

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”.

Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours.

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