SPAC Summit Healthcare Acquisition files for a $200 million IPO, targeting healthcare in China

Summit Healthcare Acquisition, a blank check company targeting a healthcare business with a strong China nexus, filed on Monday with the SEC to raise up to $200 million in an initial public offering.

The Hong Kong-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company may raise an additional $30 million at the closing of an acquisition pursuant to forward purchase agreements with anchor investors Snow Lake Capital and the Valliance Fund. At the proposed deal size, Summit Healthcare Acquisition would command a market value of $258 million.

The company is led by CEO, Co-CIO, and Director Bo Tan, who most recently served as the President and CFO of 3S Bio, and President, Co-CIO, and Director Ken Poon, who serves as the Founding Partner of boutique advisory firm XCap Partners. The company plans to target the healthcare industry, with a focus on assets with a strong China nexus.

Summit Healthcare Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SMIHU. The company filed confidentially on February 3, 2021. BofA Securities is the sole bookrunner on the deal.