Summit Healthcare Acquisition priced its IPO of 20 million units at $10 each.
Units begin trading today on the Nasdaq under SMIHU. Each consists of one Class A ordinary share and one-half of one redeemable warrant. Whole warrants are exercisable for a share at $11.50. Once the securities comprising the units begin separate trading, shares and warrants are expected to list on the Nasdaq under SMIH and SMIHW, respectively.
BofA Securities is the sole book-running manager of the offering. The underwriters have a 45-day option to purchase up to an additional 3 million units to cover any over-allotments.
The offering is expected to close June 11.
Summit said it will target a healthcare business with a strong connection to China. Read more.
