Cactus Acquisition Corp. 1 Limited Announces Pricing of Upsized $110 Million Initial Public Offering

Rhea-AI Summary

Cactus Acquisition Corp. 1 Limited has priced its initial public offering (IPO) at $10.00 per unit, offering a total of 11,000,000 units. The IPO is set to trade on Nasdaq under the symbol 'CCTSU' starting October 29, 2021. Each unit comprises one Class A ordinary share and a half warrant, with a whole warrant priced at $11.50. The company focuses on merger opportunities within Israel-related tech-based healthcare. Underwriters have an option for an additional 1,650,000 units for up to $16.5 million in gross proceeds. The SEC's registration statement was effective as of October 28, 2021.

Positive

• IPO priced at $10.00 per unit, raising potential capital of $110 million.
• Focus on Israel-related technology-based healthcare companies could lead to significant growth opportunities.

Negative

• Investment risks associated with reliance on market conditions and potential failure of the offering.
• The company is a blank check entity, which may present uncertainties in identifying suitable acquisition targets.

NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Cactus Acquisition Corp. 1 Limited (the “Company”) announced today that it priced its initial public offering of 11,000,000 units at $10.00 per unit. The units are expected to be listed on The Nasdaq Global Market (“Nasdaq”) and trade under the symbol “CCTSU” beginning on October 29, 2021. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols “CCTS” and “CCTSW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus its search on Israel-related technology-based healthcare companies. The Company is led by Nachum (Homi) Shamir, Chairman of the Board of the Company, Ofer Gonen, CEO of the Company, and Stephen T. Wills, CFO of the Company.

Oppenheimer & Co. Inc. and Moelis & Company LLC are acting as joint book-running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,650,000 units at the initial public offering price to cover over-allotments, if any, for additional aggregate gross proceeds of up to $16.5 million.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Oppenheimer & Co. Inc., 85 Broad Street, 26th Floor, New York, NY 10004, Attn: Syndicate Prospectus Department, telephone: (212) 667-8055 or by email at EquityProspectus@opco.com, or by accessing the SEC’s website, www.sec.gov.

A registration statement relating to the securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 28, 2021. 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.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net 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 and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents 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.

Contacts

Investors
Cactus Acquisition Corp. 1 Limited
Ofer Gonen, Chief Executive Officer
gonen@cactusac1.com

FAQ

What is Cactus Acquisition Corp. 1 Limited's IPO price?

Cactus Acquisition Corp. 1 Limited priced its IPO at $10.00 per unit.

When will Cactus Acquisition Corp. 1 Limited start trading on Nasdaq?

Cactus Acquisition Corp. 1 Limited is set to trade on Nasdaq under the symbol 'CCTSU' starting October 29, 2021.

What is included in each unit of the Cactus Acquisition Corp. IPO?

Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.

What is the purpose of Cactus Acquisition Corp. 1 Limited?

The company aims to effect a merger or business combination with technology-based healthcare companies related to Israel.

How much additional capital could Cactus Acquisition Corp. raise?

The underwriters have a 45-day option to purchase up to 1,650,000 additional units for up to $16.5 million in gross proceeds.