Arbor Rapha Capital Bioholdings I, a blank check company backed by Rapha Capital Management and RNA Capital Advisors targeting biopharmas, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Ivan Kaufman, the founder and CEO of Arbor Realty Trust (NYSE: ABR) and Arbor Commercial Mortgage.
The Uniondale, NY-based company plans to target the biopharmaceutical sector, with a focus on disruptive technologies with the potential to transform healthcare and dramatically improve the lives of patients.
Arbor Rapha Capital Bioholdings I plans to list on the Nasdaq under the symbol ARCKU. Cantor Fitzgerald acted as sole bookrunner on the deal.
