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Healthcare SPAC DMB Acquisition withdraws $75 million IPO

September 22, 2022

DMB Acquisition, the third blank check company formed by LifeSci Capital targeting the healthcare industry, withdrew its plans for an initial public offering on Thursday. It had filed in July 2021 to raise $75 million by offering 7.5 million shares at $10. The company did not plan to offer units with warrants attached. Originally filing as LifeSci Acquisition III, the SPAC changed its name this past December. 

DMB Acquisition was set to be led by CEO and Chairman Andrew McDonald and COO and Director Michael Rice, who are Founding Partners at healthcare-dedicated investment bank LifeSci Capital. The SPAC had planned to target the biopharma, medical technology, digital health, and healthcare services sectors in North America or Europe.

The New York, NY-based company was founded in 2019 and had planned to list on the Nasdaq under the symbol LSAC. LifeSci Capital and Ladenburg Thalmann were set to be the joint bookrunners on the deal.