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Sanaby Health Acquisition Corp. I has successfully closed its initial public offering, raising $172,500,000 from the sale of 17,250,000 units priced at $10.00 each. The underwriters fully exercised their over-allotment option, contributing an additional 2,250,000 units. The units began trading on the Nasdaq under the ticker symbol “SANBU” on October 15, 2021. The Company aims to pursue business combinations, particularly in the healthcare sector, though no specific target has been identified as of yet.
Positive
Gross proceeds of $172,500,000 raised from the IPO.
Full exercise of the underwriters' over-allotment option.
Market listing on Nasdaq under the symbol 'SANBU', enhancing visibility.
Negative
No specific business combination target identified, which may limit immediate strategic direction.
PALO ALTO, Calif.--(BUSINESS WIRE)--
Sanaby Health Acquisition Corp. I (the “Company”), a newly incorporated blank check company, today announced the closing of its initial public offering, as well as the exercise of the over-allotment option in full by the underwriters resulting in the sale of an aggregate of 17,250,000 units (which includes 2,250,000 units issued in connection with the exercise of the over-allotment option). The offering was priced at $10.00 per unit, resulting in gross proceeds of $172,500,000.
The Company’s units commenced trading on the Nasdaq Global Market under the ticker symbol “SANBU” on October 15, 2021.
The Company is led by healthcare industry veterans Sandra Shpilberg, Founder and Chief Executive Officer, Mark Joing, Chief Financial and Operating Officer, Timothy Zanni, Chairman of the Board, and board members Anthony Japour and Barbara Nelsen.
The Company was 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. While the Company may pursue a business combination in any industry, sector or geographic region, the Company intends to identify promising opportunities in the healthcare industry, with a focus on digital health, life science tools and services, and innovative therapeutics. The Company has not selected any specific business combination target.
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 Global Market under the symbols “SANB” and “SANBW,” respectively.
Cohen & Company Capital Markets (a division of J.V.B. Financial Group, LLC) acted as an advisor to the Company on the transaction.
BTIG, LLC acted as the sole bookrunner for the offering. I-Bankers Securities, Inc. acted as co-manager for the offering.
Of the proceeds received from the consummation of the offering and a simultaneous private placement of warrants, $175,087,500 was placed in the Company’s trust account. An audited balance sheet of the Company as of October 19, 2021 reflecting receipt of the proceeds upon consummation of the offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus, copies of which may be obtained by contacting BTIG, LLC, 65 East 55th Street, New York, NY 10022; Telephone: (212) 593-7555; E-mail: ProspectusDelivery@btig.com.
A registration statement relating to these securities was filed with, and declared effective by, the SEC on October 14, 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.
This press release contains statements that constitute “forward-looking statements,” including with respect to 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 for the Company’s 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.
What is the total amount raised by Sanaby Health Acquisition Corp. I in its IPO?
Sanaby Health Acquisition Corp. I raised a total of $172,500,000 in its initial public offering.
When did Sanaby Health Acquisition Corp. I start trading on Nasdaq?
The Company began trading on Nasdaq under the ticker symbol 'SANBU' on October 15, 2021.
What does Sanaby Health Acquisition Corp. I intend to focus on for business combinations?
The Company intends to focus on opportunities in the healthcare industry, particularly in digital health, life science tools, and innovative therapeutics.
What are the symbols for the Class A common stock and warrants of Sanaby Health Acquisition Corp. I?
The Class A common stock will trade under the symbol 'SANB', and the warrants will trade under the symbol 'SANBW'.
How many units were sold in the initial public offering of Sanaby Health Acquisition Corp. I?
A total of 17,250,000 units were sold in the initial public offering.
