Allarity Acquisition, a blank check company backed by Allarity Therapeutics targeting life sciences and biotech, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Tarpon Springs, FL-based company now plans to raise $80 million by offering 8 million units at $10. Each unit consists of one share of common stock, and one whole warrant to purchase a share, exercisable at $11.50. The company had previously filed to offer 10 million units at $10.
Allarity Acquisition is led by CEO Thomas Jensen, the CEO and co-founder of Allarity Therapeutics (Nasdaq: ALLR); CFO Jeffrey Ervin, the CFO of Allarity Therapeutics; and Chairman Jesper Hoiland, the Head of Strategy of Rani Therapeutics (Nasdaq: RANI). The SPAC plans to target life sciences and biotechnology businesses.
Allarity Acquisition was founded in 2026. It plans to list on the Nasdaq under the symbol ALLNU. Maxim Group LLC is the sole bookrunner on the deal.
