Biotech SPAC BCGF Acquisition cuts unit offering by 43% ahead of $50 million IPO

BCGF Acquisition, a blank check company targeting the biotech industry, lowered the proposed deal size for its upcoming IPO on Thursday. This is the company's first amendment since initially filing in August 2022.

The Bangkok, Thailand-based company now plans to raise $50 million by offering 5 million units at $10. Each unit now 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 had previously filed to offer 8.7 million units, with each unit containing one share and one warrant. At the revised terms, BCGF Acquisition will raise 43% less in proceeds than previously anticipated.

BCGF Acquisition is led by CEO and Chairman Tassapon Bijleveld, the Executive Chair of Asia Aviation (SET: AAV) and its joint venture with AirAsia, Thai AirAsia. The company plans to target the biotech industry, focusing on businesses with enterprise values between $50 million and $1 billion. It will not pursue opportunities in China, Hong Kong, or Macau.

BCGF Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol BCGFU. EF Hutton is the sole bookrunner on the deal.