ALSP Orchid Acquisition Corporation I Announces $172.5 Million Initial Public Offering

Rhea-AI Summary

ALSP Orchid Acquisition Corporation I (NASDAQ: ALORU) has successfully closed its initial public offering, raising proceeds through 17,250,000 units priced at $10.00 each, including an over-allotment option of 2,250,000 units. The units began trading on November 19, 2021. Each unit comprises one Class A ordinary share and one-half redeemable warrant, with whole warrants exercisable at $11.50. This blank check company aims to pursue business combinations, particularly in life sciences across North America and Singapore.

Positive

• Raised $172.5 million through the IPO.
• Focus on acquiring life science companies with innovative technologies.
• Established leadership team with significant industry experience.

Negative

• None.

SEATTLE--(BUSINESS WIRE)-- ALSP Orchid Acquisition Corporation I (NASDAQ: ALORU) (the “Company” or “ALSP Orchid”) today announced that it has closed its initial public offering of 17,250,000 units, including 2,250,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option, at a price of $10.00 per unit. The units are listed on the Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “ALORU” on November 19, 2021. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “ALOR” and “ALORW,” respectively.

ALSP Orchid is a newly organized blank check company formed by Accelerator Life Science Partners for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to pursue investments in North America and Singapore with an emphasis on life science companies developing assets and next-generation platform technologies with broad applicability.

ALSP Orchid is led by CEO Thong Q. Le, CFO Ian A.W. Howes, COO Andras T. Forgacs, CBO Kevin T. Chow, Ph.D., and CDO Kendall M. Mohler, PhD. The Company's independent board of directors is led by Board Chairman Bruce L.A. Carter, Ph.D. and includes Mark W. Hahn, Sundar R. Kodiyalam, Stephanie Read, and Eugene W. Yeo, Ph.D. The Company’s advisory board includes Philip Yeo Liat Kok, Ph.D. and Randall C. Schatzman, Ph.D.

Stifel, Nicolaus & Company, Incorporated and Nomura Securities International, Inc. acted as joint book-running managers of the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on November 18, 2021. The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com, or from Nomura Securities International, Inc., Attention: Equity Syndicate Department, Worldwide Plaza, 309 West 49th Street, New York, New York 10019-7316, or by telephone at 212-667-9000, or by email at equitysyndicateamericas@nomura.com.

This press release will not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of ALSP Orchid, including those set forth in the Risk Factors section of the registration statement and prospectus for ALSP Orchid’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. ALSP Orchid undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123006050/en/

Jessica Burback, Director of Investor Relations

IR@acceleratorlsp.com

Source: ALSP Orchid Acquisition Corporation I

FAQ

What was the IPO price for ALSP Orchid Acquisition Corporation I?

ALSP Orchid Acquisition Corporation I's initial public offering was priced at $10.00 per unit.

How many units were offered in the ALSP Orchid IPO?

The initial public offering included 17,250,000 units, which included an over-allotment of 2,250,000 units.

When did ALSP Orchid begin trading on Nasdaq?

ALSP Orchid began trading on Nasdaq on November 19, 2021.

What are the symbols for ALSP Orchid's shares and warrants?

After the initial trading, Class A ordinary shares are expected to be listed under the symbol 'ALOR' and warrants under 'ALORW'.

What is the focus of ALSP Orchid's acquisition strategy?

ALSP Orchid plans to target life science companies developing next-generation technologies, primarily in North America and Singapore.