Healthcare-focused SPAC Healthcare Services Acquisition lowers deal size by 20% ahead of $240 million IPO

Healthcare Services Acquisition, a blank check company targeting healthcare services and related industries in the US, lowered the proposed deal size for its upcoming IPO on Friday. 

The Bethesda, MD-based company now plans to raise $240 million by offering 24 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit will still consist of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investor BlackRock intends to purchase $20 million worth of units in the offering. At the revised deal size, Healthcare Services Acquisition will raise -20% less in proceeds than previously anticipated.

The company is led by CEO and Chairman David Blair, the Executive Chairman of Accountable Health Solutions and former CEO of Catalyst Health Solutions, and President and Director Martin Payne, who has held executive leadership positions at MedX, Comprehensive Clinical Solutions, and HRGi. The company plans to target the healthcare services and related industries in the US.

Healthcare Services Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol HCARU. B. Riley FBR is the sole bookrunner on the deal.