Genesis Unicorn Capital, a blank check company targeting the biotech and pharmaceutical sectors, lowered the proposed deal size for its upcoming IPO on Friday.
The Princeton, NJ-based company now plans to raise $75 million by offering 7.5 million units at a price of $10. The company had previously filed to offer 10 million units at the same price. Each unit now consists of one share of common stock and three-fourths of a warrant, exercisable at $11.50. Each unit previously contained one-half of a warrant. At the revised deal size, Genesis Unicorn Capital will raise 25% less in proceeds than previously anticipated.
The company is led by CEO Adeoye Olukotun, who is a Mayo Clinic trained cardiologist and currently serves as the CEO of CR Strategies, and COO Juan Fernandez, who most recently served as the General Manager of Chassis Brakes International Spain, part of Hitachi Automotive Systems. The company plans to target businesses at the intersection of the healthcare and technology industries, specifically within the biotechnology and pharmaceutical sectors, focusing on those with total enterprise values between $200 million and $1 billion.
Genesis Unicorn Capital was founded in 2021 and plans to list on the Nasdaq under the symbol GENQU. EF Hutton is the sole bookrunner on the deal.
