5:01 Acquisition, a blank check company formed by 5AM Ventures, raised $80 million by offering 8 million shares at $10. Unlike an ordinary SPAC, the company did not offer warrants that would become exercisable following completion of the initial business combination.
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 plans to list on the Nasdaq under the symbol FVAM. BofA Securities acted as sole bookrunner on the deal.
