Phoenix Biotech Acquisition Corp. Announces Pricing of $155,000,000 Initial Public Offering

Rhea-AI Summary

Phoenix Biotech Acquisition Corp. (NASDAQ:PBAXU) announced its initial public offering (IPO) pricing of 15,500,000 units at $10.00 each, yielding $155,000,000 in gross proceeds. Trading is set to commence on October 6, 2021, on The Nasdaq Global Market under the symbol PBAXU. Each unit includes one share of Class A common stock and one-half of a warrant, with the latter priced at $11.50 per share. The underwriters have a 45-day option for an additional 2,325,000 units. The offering closure is anticipated around October 8, 2021, pending customary conditions.

Positive

• Successful pricing of 15,500,000 units generating $155,000,000.
• Units will trade on Nasdaq, increasing visibility.
• Potential for additional units with the 45-day over-allotment option.

Negative

• Dependence on market conditions for successful offering closure.
• Risks associated with the reliance on forward-looking statements.

Oakland, CA, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Phoenix Biotech Acquisition Corp. (NASDAQ:PBAXU) (the “Company”), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 15,500,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $155,000,000. The Company's units will be listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “PBAXU” and will begin trading on October 6, 2021. Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-half of one warrant, with each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “PBAX” and “PBAXW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The closing of the offering is anticipated to take place on or about October 8, 2021, subject to customary closing conditions.

Cantor Fitzgerald & Co. is serving as sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,325,000 units at the initial public offering price to cover over-allotments, if any. 

A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission on October 5, 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.

The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York, New York 10022; Email: prospectus@cantor.com. Copies of the registration statement can be accessed for free through the SEC's website at www.sec.gov.

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that such offering will be completed on the terms described, or at all. 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 offering filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

Chris Ehrlich
chrisbehrlich@gmail.com

FAQ

What is the initial public offering price for Phoenix Biotech Acquisition Corp. (PBAXU)?

The initial public offering price is $10.00 per unit.

When will the units of PBAXU start trading?

The units are set to begin trading on October 6, 2021.

What are the components of each unit in the PBAXU offering?

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

How much gross proceeds does the PBAXU IPO aim to raise?

The IPO aims to raise $155,000,000 in gross proceeds.

What is the expected closing date for the PBAXU offering?

The closing is anticipated to occur on or about October 8, 2021.