EQ Health Acquisition, a blank check company formed by EQ Capital Strategies and FS Investments targeting healthcare services, filed on Wednesday with the SEC to raise up to $160 million in an initial public offering.
The Austin, TX-based company plans to raise $160 million by offering 16 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, EQ Health Acquisition would command a market value of $200 million.
The company is led by Executive Chairman Lewis Little Jr., the former CEO of Covenant Physician Partners and former co-founder and CEO of Harden Healthcare; CEO and CFO Scott Ellyson, founder and Principal of Clarity Performance Partners; COO Benjamin Hanson, founder and Managing Member of EQ Capital Strategies; and Vice Chairman Andrew Beckman, who currently serves as a Managing Director and Head of Liquid Credit and Special Situations at FS Investments. EQ Health Acquisition plans to target undervalued, growth-oriented businesses in the healthcare services industry with enterprise values between $600 million and $1.25 billion.
EQ Health Acquisition was founded in 2020 and plans to list on the NYSE under the symbol EQHA.U. Jefferies and BTIG are the joint bookrunners on the deal.
