Biotech Group Acquisition, a blank check company targeting the biotech sector in North America and the APAC region, lowered the proposed deal size for its upcoming IPO on Thursday.
The Irvine, CA-based company now plans to raise $75 million by offering 7.5 million units at $10. The company had previously filed in April to offer 10 million units at the same price. Each unit contains one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Biotech Group Acquisition will raise 25% less in proceeds than previously anticipated.
Biotech Group Acquisition 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. Tiger Brokers is the sole bookrunner on the deal.
