Phoenix Biotech Acquisition priced its IPO of 15.5 million units at $10 each.
The new SPAC plans to target healthcare or healthcare related industries in the United States and Europe, especially life sciences companies.
Units list on the Nasdaq under PBAXU and begin trading today. Each consists of one share and one-half of a warrant.
Once the securities begin separate trading, stock and warrants are expected to list under PBAX and PBAXW.
The offering is expected to close Oct. 8.
Cantor is sole book-running manager for the offering. The underwriters have an option to purchase up to an additional 2.325 million units to cover any over-allotments.
