ALSP Orchid Acquisition Corporation I declares US$150 million IPO

KUALA LUMPUR, Nov 19 -- ALSP Orchid Acquisition Corporation I (the Company or ALSP Orchid) has announced the pricing of its initial public offering of 15,000,000 units at a price of US$10.00 per unit. (US$1 = RM4.179)

The units will be listed on The Nasdaq Global Market (Nasdaq) and trade under the ticker symbol ALORU beginning Nov 19. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of US$11.50 per share.

After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols ‘ALOR’ and ‘ALORW’, respectively. The offering is expected to close on Nov 23, subject to customary closing conditions.

According to a statement, ALSP Orchid is a newly organised blank check company formed by Accelerator Life Science Partners, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses.

Stifel, Nicolaus & Company Incorporated and Nomura Securities International Inc are serving as joint book-running managers of the offering.

The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. The offering is being made only by means of a prospectus.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (‘SEC’) on Nov 18.

-- BERNAMA