Arbor Rapha Capital Bioholdings Corp. I (NASDAQ:ARCKU) has priced its IPO of 15M units at $10.00/unit, for an anticipated gross proceeds of $150M.
Each unit consists of one share of Class A common stock and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at $11.50/share.
Underwriters have been granted a 45-day over-allotment option to purchase up to an additional 2,250,000 units at the IPO price.
The units will start trading on The Nasdaq Global Market the ticker symbol "ARCKU" from October 29, 2021. The Class A common shares and redeemable warrants are expected to be listed on Nasdaq under the symbols "ARCK" and "ARCKW," respectively.
Offering is expected to close on November 2, 2021.
Arbor Rapha Capital Bioholdings Corp. I is an SPAC founded by Arbor Rapha Capital that plans to identify attractive acquisition opportunities in the biopharmaceutical sector. Its Board of Directors includes Ivan Kaufman, Kevin Slawin, M.D., Cyrus Walker, Avery Modlin and Ralph Mack.