Locust Walk Acquisition, a blank check company formed by Locust Walk Partners targeting the healthcare sector, filed on Friday with the SEC to raise up to $130 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $130 million by offering 13 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Locust Walk Acquisition would command a market value of $169 million.
The company is led by CEO and Director Chris Ehrlich, Senior Managing Director and Head of the Global Biopharma team at global life science transaction firm Locust Walk Partners, and CFO Daniel Geffken, the founder and Managing Director of Danforth Advisors. The company plans to target the healthcare or healthcare related industries in the US and Europe, prioritizing businesses in the life sciences sector.
Locust Walk Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol LWACU. The company filed confidentially on November 4, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.
