IPOs

5AM Ventures' biotech SPAC 5:01 Acquisition prices $80 million IPO at $10

5:01 Acquisition, a blank check company formed by 5AM Ventures, raised $80 million by offering 8 million shares at $10. Unlike an ordinary SPAC, the company did not offer warrants that would become exercisable following completion of the initial business combination.

The company is led by Co-CEOs Andrew Schwab and Kush Parmar, who both serve as Managing Partners at life science venture firm 5AM Ventures. The SPAC plans on targeting a company in the biotech industry.

5:01 Acquisition plans to list on the Nasdaq under the symbol FVAM. BofA Securities acted as sole bookrunner on the deal.

The article 5AM Ventures' biotech SPAC 5:01 Acquisition prices $80 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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