ABG Acquisition I, a blank check company formed by Ally Bridge Group targeting the healthcare sector, raised $131 million by offering 13.1 million shares at $10. The company offered 1.1 million more shares than anticipated. It did not offer units with warrants attached. ABG Acquisition I may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor.
The company is led by CEO and Director Frank Yu, the founder, CEO, and CIO of global healthcare-focused investment group Ally Bridge Group. He is joined by CFO and Director Daniel Johnson, who is the CFO of Ally Bridge Group (NY). The company plans to target the global healthcare industry, with a particular focus on the biotechnology and medical technology verticals.
ABG Acquisition I plans to list on the Nasdaq under the symbol ABGI. Jefferies acted as a lead manager on the deal.
