LAVA Medtech Acquisition Corp. Announces Closing of $115 Million Initial Public Offering Including Full Exercise of the Over-Allotment Option

Rhea-AI Summary

LAVA Medtech Acquisition Corp. has successfully closed its initial public offering (IPO) of 11,500,000 units at $10.00 per unit, generating $115 million in gross proceeds. Each unit comprises one share of Class A common stock and one-half of a redeemable warrant, with whole warrants exercisable at $11.50 per share. The units began trading on Nasdaq under the ticker symbol LVACU as of October 27, 2021. The company aims to pursue mergers and acquisitions in the medtech sector, backed by a seasoned leadership team.

Positive

• Successfully raised $115 million in gross proceeds from the IPO.
• Units began trading on Nasdaq, offering liquidity and visibility.
• Experienced leadership team with a focus on medtech acquisitions.

Negative

• None.

Waltham, MA, Oct. 29, 2021 (GLOBE NEWSWIRE) -- LAVA Medtech Acquisition Corp. (the “Company”) today announced the closing of its initial public offering of 11,500,000 units at a price of $10.00 per unit, including 1,500,000 units pursuant to the full exercise of the underwriters’ over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $115,000,000. The Company’s units commenced trading on the Nasdaq Global Market (“Nasdaq”) on October 27, 2021, under the ticker symbol “LVACU.”

Each unit sold in the offering consists of one share of the Company’s Class A common stock and one-half 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 are exercisable and will trade. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the Nasdaq under the symbols “LVAC” and “LVACW,” respectively.

The Company is a newly incorporated 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.

The Company is led by Chairman Richard “Dick” Emmitt; Chief Executive Officer Anthony Natale, M.D.; President Gerry Brunk; Executive Vice President Daniel Hetu, M.D.; and Chief Financial Officer Vasco Larcina. In addition to Dr. Natale and Messrs. Brunk and Emmitt, the Company’s Board of Directors includes Peter van der Velden and Fritz LaPorte.

RBC Capital Markets served as the sole book-running manager of the offering.

The initial public offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; Attention: Equity Syndicate; by telephone at 877-822-4089 or by email at equityprospectus@rbccm.com.

A registration statement relating to these securities was filed with the Securities and Exchange Commission (the “SEC”) on October 15, 2021, and was declared effective on October 26, 2021. This press release shall not constitute an offer to sell or a 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.

Cautionary Note Concerning 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.

Contact:

LAVA Medtech Acquisition Corp.

Anthony Natale
Chief Executive Officer
Tel: (617) 600 - 4054
Email: info@lavamedtechacquisition.com
Website: www.lavamedtechacquisition.com 

FAQ

What does LAVA Medtech Acquisition Corp. plan to do with the IPO proceeds?

The proceeds from the IPO will be used to pursue mergers and acquisitions within the medtech sector.

When did LAVA Medtech Acquisition Corp.'s IPO start trading?

The IPO units began trading on Nasdaq on October 27, 2021, under the ticker symbol LVACU.

What is included in each unit of LAVA Medtech's IPO?

Each unit consists of one share of Class A common stock and one-half of a redeemable warrant.

What are the trading symbols for LAVA Medtech's Class A shares and warrants?

The Class A common stock will trade under the symbol LVAC and the warrants under LVACW.

Who served as the book-running manager for LAVA Medtech's IPO?

RBC Capital Markets was the sole book-running manager for the offering.