Summit Healthcare Acquisition registered with the SEC to offer 20 million units at $10 each.
A unit consists of one Class A ordinary share and one-half of one redeemable warrant. Whole warrants will be exercisable for one Class A ordinary share at $11.50.
Summit Healthcare Acquisition Sponsor has agreed to purchase up to 6.6 million warrants, if the underwriter’s over-allotment option is exercised in full, at $1 each. Anchor investors Snow Lake Capital and the Valliance Fund have entered into forward purchase agreements for an aggregate of 3 million Class A ordinary shares, plus 750,000 redeemable warrants.
Summit said in the filing it will target a healthcare business with a strong connection to China.
The SPAC is led by CEO and Co-CIO Bo Tan, whose more than 20 years of experience in the financial and pharmaceutical industries includes serving as president and CFO of 3S Bio from 2016 to 2019.
The SPAC intends to apply for a Nasdaq listing under SMIHU. Read more.
