Bellevue Life Sciences Acquisition, a blank check company backed by Bellevue Capital Management targeting the biotech sector, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50.
The company is led by CEO and Director Peter Hwang, the founder and Managing Partner of Bellevue Capital Management, and Chairman Steven Reed, the founder and CEO of immunotherapy biotech HDT Bio. The company plans to target the biotechnology sector, focusing on businesses developing next-gen biologics which include therapeutic antibodies, engineered protein and enzyme drugs, cellular therapies, engineered viruses and bacteria, and DNA- and RNA-modifying technologies.
Bellevue Life Sciences Acquisition plans to list on the Nasdaq under the symbol BLACU. Chardan Capital Markets acted as sole bookrunner on the deal.
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