SPAC Summit Healthcare Acquisition prices $200 million IPO, targeting healthcare in China

Summit Healthcare Acquisition, a blank check company targeting a healthcare business with a strong China nexus, raised $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.

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, focusing on assets with a strong China nexus.

Summit Healthcare Acquisition plans to list on the Nasdaq under the symbol SMIHU. BofA Securities acted as a lead manager on the deal.