Petra Acquisition Inc. announced the pricing of its $70 million IPO this morning and its units are expected to begin trading today, Thursday, October 8, under the symbol Nasdaq: PAICU.
Petra will be focusing on companies in the US healthcare sector and will be led by Andreas Typaldos as Board Chairman, CEO and Secretary, while Sean Fitzpatrick is serving as CFO.
Total SPAC deal count for 2020 year-to-date is now 134 with $50.94 billion in gross proceeds raised. The offering is anticipated to close on Tuesday, October 13.
LifeSci Capital LLC and Ladenburg Thalmann acted as the joint book-running managers while Northland Capital Markets and Ingalls & Snyder LLC acted as co-managers of the offering. Horwitz + Armstrong and Ellenoff Grossman & Schole LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively. dbbmckennon acted as auditor. Continental Stock Transfer & Trust Company is serving as trustee.
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Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...