Big Cypress Acquisition, a blank check company targeting life science businesses in the US and Israel, raised the proposed deal size for its upcoming IPO on Monday.
The Miami Beach, FL-based company now plans to raise $100 million by offering 10 million units at $10. The company had previously filed to offer 7.5 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Big Cypress Acquisition will raise 33% more in proceeds than previously anticipated.
The company is led by CEO, CFO, and Director Samuel Reich, who previously co-founded Biscayne Neurotherapeutics in 2011 and served as Executive Chairman until its 2018 sale to Supernus Pharmaceuticals (Nasdaq: SUPN) for $185 million. He is joined by Chairman Jeffrey Spragens, who previously co-founded SafeStitch Medical in 2005 and served as CEO until its merger with TransEnterix (NYSE: TRXC) in 2013. Big Cypress Acquisition plans on targeting growth-oriented life science companies that offer novel products and/or platforms with potential to address unmet medical needs.
Big Cypress Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol BCYPU. Ladenburg Thalmann is the sole bookrunner on the deal.
