5:01 Acquisition, a blank check company formed by 5AM Ventures, filed on Friday with the SEC to raise up to $80 million in an initial public offering.
The San Francisco, CA-based company plans to raise $80 million by offering 8 million shares at $10. Unlike an ordinary SPAC, the company is not offering warrants that would become exercisable following completion of the initial business combination. At the proposed deal size, 5:01 Acquisition would command a market value of $104 million.
The company is led by Co-CEOs Andrew Schwab and Kush Parmar, who both serve as Managing Partners at life science venture firm 5AM Ventures. The SPAC plans on targeting a company in the biotech industry.
5:01 Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol FVAM. The company filed confidentially on September 10, 2020. BofA Securities is the sole bookrunner on the deal.
