Oakland, CA, October 5, 2021 (GLOBE NEWSWIRE) – Phoenix Biotech Acquisition Corp. (NASDAQ: PBAXU) (the “Company”), a blank check company formed for the purpose of conducting a merger, share swap, or acquisition of assets, purchase of shares, reorganization or similar business combination with one or more companies, announced today the Pricing its initial public offering of 15,500,000 units at a price of $ 10.00 per unit with gross proceeds for the company of $ 155,000,000. The company’s shares will be listed on the Nasdaq Global Market (“Nasdaq”) under the symbol “PBAXU” and will trade on October 6, 2021. Each share issued under the Offering will consist of one Class A common share of the Company and one half warrant, with each whole warrant exercisable for one Class A common share at an exercise price of US $ 11.50 per share. Once the securities making up the Shares are traded separately, the Class A common stock and the warrants are expected to be listed on the Nasdaq under the symbols “PBAX” and “PBAXW”, respectively. When the shares are separated, no partial warrants will be issued and only whole warrants will be traded. The offering is expected to close on or about October 8, 2021, subject to customary closing conditions.
Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering. The company has given the syndicate banks a 45-day option to purchase up to 2,325,000 additional units at the market price in order to cover any over-allotments.
A registration statement relating to the Shares and the underlying securities was made effective by the Securities and Exchange Commission on October 5, 2021. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities in any state or jurisdiction in which such offer, solicitation or sale is prior to registration or qualification under the securities laws of a such state or jurisdiction would be unlawful.
The offer is made exclusively by means of a prospectus, copies of which are available from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York, New York 10022; Email: prospekt@cantor.com. Copies of the registration statement are available free of charge on the SEC’s website at www.sec.gov.
This press release contains statements that constitute “forward-looking statements,” including regarding the IPO. No assurance can be given that such an offer will be concluded under the conditions described or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the company, including those set out in the Risk Factors section of the company’s registration statement and preliminary prospectus for the offering made with the Securities and Exchange Commission. The company undertakes no obligation to update this statement for revisions or changes after the date of this press release, except as required by law.
Contact information:
Chris Ehrlich chrisbehrlich@gmail.com
Copyright 2021 GlobeNewswire, Inc.
[ad_2]
