ALSP Orchid Acquisition I, a blank check company formed by Accelerator Life Science Partners, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
The Seattle, WA-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, ALSP Orchid Acquisition I would command a market value of $196 million.
The company is led by CEO and Director Thong Le, Senior Managing Director and CEO of venture firm Accelerator Life Science Partners, and Chairman Bruce Carter, a senior advisor to Accelerator Life Sciences Partners. The company plans to leverage management's experience and target life science businesses in North America and Singapore with a particular emphasis on those developing assets and next-generation platform technologies with broad applicability.
ALSP Orchid Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol ALORU. The company filed confidentially on October 6, 2021. Stifel, and Nomura Securities are the joint bookrunners on the deal.
