Cannabis SPAC Petra Acquisition cuts unit offering by 40% ahead of $75 million IPO

Petra Acquisition, a blank check company targeting a cannabis business, lowered the proposed deal size for its upcoming IPO on Wednesday.

The New York, NY-based company now plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. The company had previously filed to offer 12.5 million units at the same price. At the proposed price, Petra Acquisition will raise -40% less in proceeds than previously anticipated.

The company is led by CEO and Chairman Andreas Typaldos, a software and technology veteran, and CFO Sean Fitzpatrick, the Founding Partner at boutique advisory firm Fidem Advisors. The company's strategy will be to identify, acquire and, after the initial business combination, assist in the growth of a business in the cannabis industry.

Petra Acquisition was founded in 2019 and plans to list on the Nasdaq under the symbol PAICU. LifeSci Capital and Ladenburg Thalmann are the joint bookrunners on the deal.