Bellevue Life Sciences Acquisition Corp. Announces Closing of $60 Million Initial Public Offering

Rhea-AI Summary

Bellevue Life Sciences Acquisition Corp. (NASDAQ: BLACU) announced the successful closing of its initial public offering (IPO) of 6,000,000 units at $10.00 per unit, raising $60 million. The units began trading on Nasdaq on February 10, 2023. Each unit consists of one share of common stock, one redeemable warrant, and one right for a fraction of a share upon a future business combination. The offering includes a 45-day option for underwriters to purchase an additional 900,000 units. The registration statement was declared effective by the SEC on February 9, 2023, and the company plans to focus on acquiring businesses in the healthcare sector.

Positive

• Successfully completed IPO, raising $60 million.
• Units began trading on Nasdaq, enhancing liquidity and visibility.
• Focus on healthcare sector may attract strong acquisition targets.

Negative

• None.

BELLEVUE, Wash., Feb. 14, 2023 /PRNewswire/ -- Bellevue Life Sciences Acquisition Corp. (NASDAQ: BLACU, the "Company"), a newly organized blank check company incorporated in Delaware, today announced that it closed its initial public offering of 6,000,000 units at a price of $10.00 per unit. The units are listed on The Nasdaq Capital Market ("Nasdaq") and began trading under the ticker symbol "BLACU" on February 10, 2023. Each unit consists of one share of common stock, one redeemable warrant entitling the holder to purchase one share of common stock at a price of $11.50 per share, and one  right entitling the holder to receive one-tenth (1/10^th) of one share of common stock upon consummation of an initial business combination. After the securities comprising the units begin separate trading, the shares of common stock, warrants and rights are expected to be listed on Nasdaq under the symbols "BLAC," "BLACW" and "BLACR," respectively.

Chardan acted as sole book-running manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 900,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on February 9, 2023. 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained by contacting Chardan, 17 State Street, Suite 2130 New York, NY 10004. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

About Bellevue Life Sciences Acquisition Corp.

Bellevue Life Sciences Acquisition Corp. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While we will not be limited to a particular industry or geographic region in our identification and acquisition of a target company, we intend to focus our search on companies in the healthcare industry.

Forward Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. 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 for the initial public 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.

View original content:https://www.prnewswire.com/news-releases/bellevue-life-sciences-acquisition-corp-announces-closing-of-60-million-initial-public-offering-301746076.html

SOURCE Bellevue Life Sciences Acquisition Corp.

FAQ

What is the purpose of Bellevue Life Sciences Acquisition Corp.'s IPO on February 14, 2023?

The IPO aims to raise capital to fund potential acquisitions in the healthcare industry.

What is the total amount raised in Bellevue Life Sciences Acquisition Corp.'s IPO?

The total amount raised is $60 million from the sale of 6,000,000 units.

What is included in each unit of Bellevue Life Sciences Acquisition Corp.'s IPO?

Each unit consists of one share of common stock, one redeemable warrant, and one right entitling holders to a fraction of a share upon a business combination.

What is the significance of the 45-day option granted to underwriters in this offering?

The option allows underwriters to purchase an additional 900,000 units to cover any over-allotments, potentially increasing the total funds raised.

When did Bellevue Life Sciences Acquisition Corp. start trading on Nasdaq?

The company began trading on Nasdaq on February 10, 2023, under the ticker symbol BLACU.