Sachem Acquisition registered to offer 5 million units at $10 each. A unit consists of one share of Class A common stock and one-half of one redeemable warrant. Whole warrants would be exercisable at $11.50.
The SPAC said it intends to focus on businesses with a real estate component, such as companies that own and operate industrial, commercial and/or residential properties or a business that finances the acquisition, development, improvement and/or operation of real estate assets.
The SPAC is led by John Villano, chairman, CEO, president, CFO, secretary and treasurer. He is a founder of Sachem Capital, the sole member of the SPAC’s sponsor.
EF Hutton is sole book-running manager of the offering. The underwriters have a 45-day option to purchase up to an additional 750,000 units to cover any over-allotments.
The SPAC intends to apply for a Nasdaq listing under SCEMU. Read more.