Translational Development Acquisition, a blank check company backed by Stone Capital Partners targeting life sciences and biotech in North America and Europe, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
The company plans to raise $150 million by offering 150 million units at $10. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Translational Development Acquisition would command a market cap of $188 million.
Translational Development Acquisition is led by CEO and Chairman Michael Hoffman, the founder of private equity firm Stone Capital Partners, and CFO Avanindra Das, who has been an advisor at Stone Capital Partners since its inception. The company plans to target a business focusing on the healthcare or healthcare related industries, including North American or European companies in the life sciences and medical technology sectors.
Michael Hoffman currently serves as the President of Northern Genesis Acquisition III (NGC.U; -2% from $10 offer price), which began trading in March 2021 and is currently looking for a target. He also served as the President of Northern Genesis Acquisition until it merged with Lion Electric (LEV; -60%) in May 2021, and Northern Genesis Acquisition II until it merged with Embark Technology (EMBK; -3%) in November 2021.
The New York, NY-based company was founded in 2022 and plans to list on the Nasdaq under the symbol TDACU. ThinkEquity is the sole bookrunner on the deal.
