Healthcare SPAC Verity Acquisition Files for $175M IPO

IPO

Verity Acquisition registered with the SEC to offer 17.5 million units at $10 each. A unit consists of one ordinary share, one-half of a redeemable warrant and one right to receive one-tenth of an ordinary share. Whole warrants will be exercisable at $11.50 for a share.

The new SPAC intends to pursue prospective targets based in the United States in the healthcare sector with an enterprise value of between $400 million and $1 billion.

Verity is led by CEO and Director Bing Lin, who is a managing director of Protocol Asset Management Limited, an activism hedge fund manager based in Hong Kong. 

Maxim is sole book-running manager of the offering. The underwriters have an option to purchase up to an additional 2.625 million units to cover any over-allotments.

The SPAC in the filing said it has applied to list on the Nasdaq but has not yet selected a ticker symbol. Read more.

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