Jupiter Wellness Acquisition, a blank check company led by the CEO of Jupiter Wellness targeting the healthcare industry, raised $120 million by offering 12 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one share of common stock and one right to receive one-eighth of a share upon the completion of an initial business combination.
The company is led by CEO and Chairman Brian John, the co-founder and CEO of of Jupiter Wellness (Nasdaq: JUPW), a developer of cannabidiol-based medical therapeutics and wellness products, which closed Monday with a market cap of about $30 million. The company plans to target businesses in the healthcare industry with equity values between $300 million and $1 billion, focusing on companies specializing in the use of artificial intelligence for therapeutics and diagnostics.
Jupiter Wellness Acquisition plans to list on the Nasdaq under the symbol JWACU. I-Bankers Securities acted as sole bookrunner on the deal.
