European Biotech Acquisition Corp. Announces Pricing of $100 Million Initial Public Offering

Rhea-AI Summary

European Biotech Acquisition Corp. announced the pricing of its initial public offering (IPO) of 10,000,000 units at $10.00 each, expected to trade on Nasdaq under the symbol 'EBACU' starting March 16, 2021. Each unit includes one Class A ordinary share and one-third of a redeemable warrant, with whole warrants exercisable for $11.50 per share. The company aims to focus on the European life sciences industry, having management connections with LSP, a leading healthcare investment firm. Credit Suisse and Kempen & Co are the joint book-running managers for this offering.

Positive

• Successful pricing of IPO at $10.00 per unit.
• Focus on promising opportunities in the European life sciences sector.
• Management team linked to LSP, enhancing investor confidence.

Negative

• No assurance of the offering's completion on described terms.
• Subject to numerous conditions beyond the company's control.

European Biotech Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 10,000,000 units at $10.00 per unit. The units are expected to be listed on The Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “EBACU” beginning on March 16, 2021. Each unit consists of one Class A ordinary share and one-third 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. Only whole warrants are exercisable. 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 “EBAC” and “EBACW,” respectively.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on identifying promising opportunities in the life sciences industry in Europe. The members of the management team are associated with LSP, one of Europe’s largest and most experienced healthcare investment firms.

Credit Suisse and Kempen & Co are acting as the joint book-running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Telephone: 1-800-221-1037, Email: usa.prospectus@credit-suisse.com or Kempen & Co U.S.A., Inc., attention John McGowan, Email: John.McGowan@kempenusa.com, Telephone: 1-212-37600132.

A registration statement relating to the securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210315005818/en/

FAQ

What is the price of the IPO for European Biotech Acquisition Corp. (EBACU)?

The IPO is priced at $10.00 per unit.

When is European Biotech Acquisition Corp.'s IPO expected to start trading?

The IPO is expected to start trading on March 16, 2021.

What does each unit in the IPO of EBACU consist of?

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

Who are the underwriters for EBACU's initial public offering?

Credit Suisse and Kempen & Co are acting as joint book-running managers.

What is the main business focus of European Biotech Acquisition Corp.?

The company intends to focus on the life sciences industry in Europe.