Cactus Acquisition 1, a blank check company targeting tech-based healthcare businesses in or connected to Israel, filed on Tuesday with the SEC to raise up to $100 million.
The Cranbury, NJ-based company plans to raise $100 million by offering 10 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, Cactus Acquisition 1 would command a market value of $125 million.
The company is led by CEO and Director Ofer Gonen, the CEO of life science investment firm Clal Biotechnology Industries (TASE: CBI), and Chairman Nachum Shamir, the CEO of Luminex (Nasdaq: LMNX). The company plans to target technology-based healthcare businesses that are domiciled in Israel, that carry out all or a substantial portion of their activities in Israel, or that have some other significant Israeli connection.
Cactus Acquisition 1 was founded in 2021 and plans to list on the Nasdaq under the symbol CCTSU. The company filed confidentially on June 15, 2021. Oppenheimer & Co. and Moelis & Company are the joint bookrunners on the deal.
