Healthcare Merger Corp. raised $250 million in gross proceeds via its IPO on the Nasdaq Capital Market.
Led by CEO Steven Shulman, Healthcare Merger is a 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.
Although it may pursue an initial business combination target in any business or industry, the company plans to source, acquire and manage a business in the healthcare industry.
The New York-based company sold a total of 25 million units, including 3 million units issued as part of the underwriters' overallotment option, at $10 apiece in the IPO.
Each unit consists of one share of the company's class A common stock and one half of a warrant. Each whole warrant entitles the holder to purchase one class A common share at a price of $11.50 per share.
After the securities begin separate trading, shares of the company's class A common stock and warrants are expected to be listed on the exchange under the ticker symbols HCCO and HCCOW, respectively.
Of the proceeds received from the completion of the IPO and a simultaneous private placement of units, the company placed $250 million in trust.
Healthcare Merger is partly sponsored by MTS Health Partners LP. Cantor Fitzgerald & Co. served as the sole book-running manager for the offering.