Cactus Acquisition 1, a blank check company targeting tech-based healthcare businesses in or connected to Israel, raised $110 million by offering 11 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The Cranbury, NJ-based company had originally filed to raise $100 million in its initial July 2021 filing. Earlier this month, the SPAC improved terms for IPO investors.
Cactus Acquisition 1 is led by CEO and Director Ofer Gonen, the CEO of life science investment firm Clal Biotechnology Industries (TASE: CBI), and Chairman Nachum Shamir, the CEO of Luminex (Nasdaq: LMNX).
The company plans to target technology-based healthcare businesses that are domiciled in Israel, that carry out all or a substantial portion of their activities in Israel, or that have some other significant Israeli connection.
Cactus Acquisition 1 plans to list on the Nasdaq under the symbol CCTSU. Oppenheimer & Co. and Moelis & Company acted as joint bookrunners on the deal.
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