Biotech Group Acquisition, a blank check company targeting the biotech sector in North America and the APAC region, withdrew its plans for an initial public offering on Tuesday. It had originally filed in April 2022 and most recently planned to raise $75 million by offering 7.5 million units at $10, with each unit containing one share of common stock and one warrant. The company last updated its prospectus in June 2023.
Biotech Group Acquisition was set to be led by CEO and Chairwoman Melody Shi, the CEO of YCM CPA and Shi & Company, and a Partner at North America CPA Alliance. It had planned to target the biotechnology sector in North America and the Asia-Pacific region (excluding China).
The Irvine, CA-based company was founded in 2022 and had planned to list on the Nasdaq under the symbol BGACU. Tiger Brokers was set to be the sole bookrunner on the deal.
