SPAC Digital Health Acquisition decreases proposed IPO deal size to $100 million

Digital Health Acquisition, a blank check company targeting healthcare technology, lowered the proposed deal size for its upcoming IPO on Thursday.

The Boca Raton, FL-based company now plans to raise $100 million by offering 10 million units at a price of $10. The company originally planned to offer 15 million units when it first filed two weeks ago. Digital Health Acquisition would raise 33% less in proceeds than previously anticipated. Each unit consists of one share of common stock and one whole warrant exercisable at $11.50, compared to the original terms which included units with half warrants.

The company is led by CEO and Chairman Scott Wolf, the founder of Aerin Medical, a company developing non-surgical therapies for common nasal airway problems, and Zeltiq Aesthetics, the maker of CoolSculpting. The company plans to target established, healthcare technology-focused businesses with enterprise values between $175 million and $500 million.

Digital Health Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol DHACU. A.G.P. is the sole bookrunner on the deal.