SPAC Foresight Acquisition II lowers deal size by 20% ahead of $200 million IPO, led by the former CEO of Walgreens

Foresight Acquisition II, a blank check company targeting tech-enabled consumer and consumer healthcare businesses, lowered the proposed deal size for its upcoming IPO on Thursday.

The Chicago, IL-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. At the revised deal size, Foresight Acquisition II will raise -20% less in proceeds than previously anticipated.

The company is led by Chairman Greg Wasson, the former CEO of Walgreens, where he served prior to founding his family investment office Wasson Enterprise, and CEO and Director Michael Balkin, who was previously a Partner and Co-Manager of the William Blair Small Institutional Portfolio and the William Blair Small Cap Growth Fund. Management's previous SPAC, Foresight Acquisition (FORE; -1% from $10 offer price), has a pending merger agreement with healthcare services provider P3 Health Partners.

Foresight Acquisition II intends to capitalize on the track record and experience of management and target the technology-enabled consumer and consumer healthcare industries, focusing on businesses with enterprise values greater than $1 billion.

Foresight Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol FACQU. Cowen and William Blair are the joint bookrunners on the deal.