NEW YORK, Oct. 27, 2020 /PRNewswire/ -- Eucrates
Biomedical Acquisition Corp. (the "Company"), a special purpose
acquisition company formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses, today
announced the closing of its initial public offering of 10,000,000
units at an initial public offering price of $10.00 per unit. The units are listed on The
Nasdaq Capital Market ("Nasdaq") and commenced trading under the
ticker symbol "EUCRU" beginning on October
23, 2020. Each unit consists of one ordinary share of the
Company and one-third of one redeemable warrant. Each whole warrant
entitles the holder thereof to purchase one ordinary share of the
Company at an exercise price of $11.50 per share. Once the securities comprising
the units begin separate trading, the ordinary shares and warrants
are expected to be listed on Nasdaq under the symbols "EUCR" and
"EUCRW," respectively.
![* Image from an early copy edition of Euclid’s Elements by the 13th Century scholar and polymath Nasir al-Din al-Tusi (D.1274). * Image from an early copy edition of Euclid’s Elements by the 13th Century scholar and polymath Nasir al-Din al-Tusi (D.1274).](https://mma.prnewswire.com/media/1321448/Eucrates_Logo.jpg)
While the Company may pursue an initial business combination
target in any business or industry, it intends to focus on the
biomedical and healthcare industry. The Company intends to target
North American and European healthcare companies with the potential
to drive transformational change through the convergence of
biomedicine and data science.
Stifel and H.C. Wainwright & Co. acted as joint book-running
managers for the offering. The Company has granted the underwriters
a 45-day option to purchase up to an additional 1,500,000 units at
the initial public offering price, less underwriting discounts and
commissions.
The registration statement on Form S-1 (Registration No.
333-249333) relating to the securities became effective on
October 23, 2020. The offering is
being made only by means of a prospectus. Copies of the final
prospectus may be obtained for free on the SEC's website located
at http://www.sec.gov and may also be obtained by
contacting Stifel, Nicolaus & Company, Incorporated 1 South
Street, 15th Floor, Baltimore,
Maryland 21202, Attn: Prospectus Department, or by emailing
syndprospectus@stifel.com or H.C. Wainwright & Co., LLC, 430
Park Avenue, 3rd Floor, New
York, New York 10022, or by telephone at (646) 975-6996, or
by email to placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Eucrates Biomedical Acquisition Corp.
Eucrates
Biomedical Acquisition Corp. is a special purpose acquisition
company formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses. While the
Company may pursue an initial business combination target in any
business or industry, it intends to focus on the biomedical and
healthcare industry. The Company intends to target North American
and European healthcare companies with the potential to drive
transformational change through the convergence of biomedicine and
data science. "Eucrates" is a portmanteau, formed by combining
Euclid (the Father of Geometry) and Hippocrates (the Father of
Medicine).
Cautionary Note Concerning Forward-Looking
Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the anticipated use of the net proceeds. No assurance can be given
that the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company's registration
statement and prospectus for the Company's offering filed with the
Securities and Exchange Commission (the "SEC"). Copies are
available on the SEC's website, www.sec.gov. The Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
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SOURCE Eucrates Biomedical Acquisition Corp.