Healthcare-focused SPAC Verity Acquisition files for a $175 million IPO

Verity Acquisition, a blank check company targeting healthcare, filed on Friday with the SEC to raise up to $175 million in an initial public offering.

The Hong Kong-based company plans to raise $175 million by offering 17.5 million units at $10 per unit. Each unit contains one share of common stock, one-half of a warrant, and one-tenth of a right to receive one share. At the proposed deal size, the company will command a market value of $226 million. 

Verity Acquisition is led by CEO and Chairman Bing Lin, Managing Director of Protocol Asset Management of Hong Kong, President and Director Man Chak Leung, General Manager of China Seven Star Holdings, and CFO Qi Zhao, Founding Partner and Managing Director of Singularity Financial. Verity Acquisition is targeting businesses in the US healthcare sector with market values between $400 million and $1 billion. 

The company was founded in 2019 and plans to list on the Nasdaq, but has not selected a ticker RC TICKER: VRTYU.RC. Verity Acquisition filed confidentially on July 30, 2021. Maxim Group LLC is the sole bookrunner on the deal.