Winter is Coming and so is Arya Sciences Acquisition Corp.
Arya Sciences Acquisition Corp. filed for a $125 million SPAC IPO today, with a focus on the healthcare, and more specifically, the life sciences and medical technology sectors. Additionally, Perceptive Advisors, one of the most well known life sciences hedge funds, is acting as sponsor.
Arya Sciences is being led by Joseph Edelman, the founder of Perceptive Advisors, as Chairman, and Adam Stone, who is the Chief Investment Officer of Perceptive, as CEO and Director. If you’re going to be looking in the healthcare space, it’s hard to argue with wanting Perceptive involved. Perceptive has over $5 billion in assets under management focused exclusively on the healthcare industry so clearly they have some understanding of the sector.
Additionally, Perceptive Advisors will be sponsoring this SPAC via it’s affiliate – Arya Sciences Holdings, and has indicated an interest in purchasing up to $25 million of shares at business combination. However, an “indication of interest” is sort of like the Coke Zero of backstops. Tastes like Coke, but without any of the “sugar”. I.e., they say they’re interested, but it doesn’t hold a lot of weight.
A summary of terms has been provided below, but you can review the the profile page with management bios here.
Arya Sciences Summary of Terms:
- Focus: Healthcare – Life Sciences/Med Tech
- Size: $125 million
- 100.0% held in trust ($10.00 per share)
- $10.00 unit comprised of one share of Common Stock + 1/2 of a full Warrant
- Warrant call for redemption trigger: equals or exceeds $18.00 (cash or cashless exercise)
- 24 months to complete an acquisition
- Limitation on Redemption Rights: 15%
- At-risk Capital: $5.44 million (5,437,500 warrants at $1.00)
- Indication of Interest:
- Arya Science Holdings (an affiliate of Perceptive), the Sponsor, has indicated an interest in purchasing up to $25 million of shares at combination
- Underwriter fees: 2.75% + 3.25% deferred.
Jefferies is sole book-running manager and Chardan is lead manager.
Kirkland & Ellis LLP and Skadden, Arps, Slate, Meagher & Flom LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.
At the SPAC of Dawn 2025 dawns with a reminder to SPAC teams that, as the Rolling Stones song goes, “You can’t always get what you want.” That was the message sent by Aimei Health I (NASDAQ:AFJK) shareholders as they rejected a proposal to reduce the SPAC’s monthly contribution to trust for the duration of...
An In-Depth Look at SPAC Activity Throughout the Full-Year of 2024 Below is a summary of the Full-Year 2024 SPAC market. If you’d like a pdf copy, you access the link HERE. SPACs have emerged from 2024 with a cautious optimism that feels both hard-earned and fragile. After weathering the turbulence of the past few...
The next quarter century is starting off with a set of de-SPAC shareholders newly able to realize better gains as their lock-ups expire in January than most months through 2024. Eight de-SPACs and six sponsors are to see their shares unlocked next month, and while none of these companies finished trading on December 30 in...
Maywood Acquisition Corp. (NASDAQ:MAYAU) filed to list a $75 million SPAC on the penultimate day of 2024 with a CEO making his second rodeo and a focus on serving the demand for listing opportunities and exits in Asia-Pacific. This new SPAC is not overfunding its trust and will have rights to a 1/5 share in...
At the SPAC of Dawn The market comes to year end today in a vastly different climate than SPACs entered it, and there are plenty of reasons for hope on the horizon. On January 1st, 2024, just 29 of the 399 companies that had completed SPAC deals since 2021 were still trading above $10 after...