Biotech and pharmaceutical SPAC Genesis Unicorn Capital files for a $100 million IPO

Genesis Unicorn Capital, a blank check company targeting the biotech and pharmaceutical sectors, filed on Friday with the SEC to raise up to $100 million.

The Princeton, NJ-based company plans to raise $100 million by offering 10 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, Genesis Unicorn Capital would command a market value of $128 million.

The company is led by CEO and Interim CFO Juan Fernandez, who most recently served as the General Manager of Chassis Brakes International Spain, part of Hitachi Automotive Systems, and CTO and Director Adeoye Olukotun, who is a Mayo Clinic trained cardiologist and currently serves as the CEO of CR Strategies. The company plans to target businesses at the intersection of the healthcare and technology industries, specifically within the biotechnology and pharmaceutical sectors, focusing on those with total enterprise values between $200 million and $1 billion.

Genesis Unicorn Capital was founded in 2021 and plans to list on the Nasdaq under the symbol GENQU. The company filed confidentially on May 3, 2021. EF Hutton is the sole bookrunner on the deal.