Alpha Healthcare Acquisition Corp. III Announces Closing of $150 Million Initial Public Offering

Rhea-AI Summary

Alpha Healthcare Acquisition Corp. III (NASDAQ: ALPAU) successfully closed its IPO on July 29, 2021, raising $150 million by offering 15 million units at $10 each. The traded units, listed on the Nasdaq, comprise one share of Class A common stock and a quarter warrant. The company, a blank check firm, aims for mergers in the healthcare sector within the U.S. BofA Securities and PJT Partners served as joint book-running managers. The underwriters have a 45-day option to buy an additional 2.25 million units to cover over-allotments.

Positive

• Successfully raised $150 million through the IPO.
• Listed on Nasdaq, enhancing visibility and credibility.
• The company targets the growing healthcare sector.
• Potential for future business combinations that could drive value.

Negative

• High reliance on the success of future business acquisitions.
• No initial revenue or operational history reported.

New York, NY, July 29, 2021 (GLOBE NEWSWIRE) -- Alpha Healthcare Acquisition Corp. III (NASDAQ: ALPAU) (the “Company”) announced today that it closed its initial public offering of 15,000,000 units at a price of $10.00 per unit.  

The Company’s units are listed on the Nasdaq Capital Market and commenced trading under the ticker symbol “ALPAU” on July 27, 2021.  Each unit consists of one share of the Company’s Class A common stock and one-fourth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable and will trade on the Nasdaq.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “ALPA” and “ALPAW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the healthcare industry in the United States. The Company is led by Chairman and Chief Executive Officer, Rajiv Shukla, and Chief Financial Officer, Patrick Sturgeon with Darlene DeRemer, Eugene Podsiadlo and William Woodward serving as independent directors.

BofA Securities and PJT Partners LP acted as joint book running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.

Of the proceeds received from the consummation of the initial public offering and the simultaneous private placement of units, $150,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of July 29, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (“SEC”).

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from BofA Securities, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or email: dg.prospectus_requests@bofa.com.  A registration statement relating to these securities has been declared effective on July 26, 2021 by the U.S. Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

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

Contact
Rajiv Shukla
Alpha Healthcare Acquisition Corp. III
(646) 494-3296
info@alphaspac.com

FAQ

What was the IPO price for Alpha Healthcare Acquisition Corp. III?

The IPO price was $10.00 per unit.

How many units were offered in the IPO?

15,000,000 units were offered in the IPO.

What will happen to the proceeds from the IPO?

The IPO proceeds of $150 million were placed in trust.

What is the focus of Alpha Healthcare Acquisition Corp. III's business?

The company aims to target the healthcare industry for mergers or acquisitions.

Who were the managers of the IPO?

BofA Securities and PJT Partners acted as joint book-running managers.