Sachem Acquisition, a blank check company formed by Sachem Capital targeting the real estate sector, filed on Wednesday with the SEC to raise up to $50 million.
The Branford, CT-based company plans to raise $50 million by offering 5 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, Sachem Acquisition would command a market value of $63 million.
Sachem Acquisition is led by CEO, CFO, and Chairman John Villano, the co-founder, CEO, CFO, and Chair of real estate finance company Sachem Capital (NYSE American: SACH). The company plans to target businesses that will enable it to qualify and operate as a REIT, such as those that own and operate industrial, commercial, and/or residential properties as well as those that finance the acquisition, development, improvement, and operation of real estate assets.
Sachem Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol SCEMU. EF Hutton is the sole bookrunner on the deal.
