Biotech Group Acquisition, a blank check company targeting the biotech sector in North America and the APAC region, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Irvine, CA-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 warrant, exercisable at $11.50. At the proposed deal size, Biotech Group Acquisition would command a market value of $130 million.
The company is led by CEO and Chairwoman Melody Shi, the CEO of YCM CPA and Shi & Company, and a Partner at North America CPA Alliance. She is joined by CFO and Director Manu Ohri, the CFO of immuno-oncology company GT Biopharma (Nasdaq: GTBP). The company plans to target the biotechnology sector in North America and the Asia-Pacific region (excluding China).
Biotech Group Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol BGACU. The company filed confidentially on March 18, 2022. Tiger Brokers is the sole bookrunner on the deal.
