Petra Acquisition, a blank check company targeting a cannabis business, filed on Wednesday with the SEC to raise up to $125 million in an initial public offering.
The New York, NY-based company plans to raise $125 million by offering 12.5 million units at a price of $10. Each unit consists of one share and one-half of a redeemable warrant; exercisable at $11.50. At the proposed deal size, Petra Acquisition would command a market value of $156 million.
The company is led by CEO and Chairman Andreas Typaldos, a software and technology veteran, and CFO Sean Fitzpatrick, the Founding Partner at boutique advisory firm Fidem Advisors.
The New York, NY-based company was founded in 2019 and booked plans to list on the Nasdaq under the symbol PAICU. Petra Acquisition filed confidentially on May 14, 2020. LifeSci Capital and Ladenburg Thalmann are the joint bookrunners on the deal.
