Biotech-focused SPAC Sparta Healthcare Acquisition files for a $100 million IPO

Sparta Healthcare Acquisition, a blank check company targeting biotechs with mid-to-late stage therapeutic candidates, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.

The Fort Collins, CO-based company plans to raise $100 million by offering 10 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $126 million. 

Sparta Healthcare Acquisition is led by CEO and Chairman Michael Handley, who has served as the CEO of Cytocom since 2020 and has assisted in or led the global commercialization of 17 devices or drugs over the course of his career, and CFO Nicholas Hemmerly, the current Head of Investment Banking at Bridgeway Capital Partners. The company plans to leverage management's experience and target the North American biotech and therapeutic sectors, focusing on businesses with mid-to-late stage therapeutic candidates across a variety of indications.

The company was founded in 2021 and plans to list on the Nasdaq under the symbol SPTAU. Kingswood Capital Markets is the sole bookrunner on the deal.