Biotech SPAC Bellevue Life Sciences Acquisition files for a $60 million IPO

By Renaissance Capital,

Bellevue Life Sciences Acquisition, a blank check company backed by Bellevue Capital Management targeting the biotech sector, filed on Friday with the SEC to raise up to $60 million in an initial public offering.

The Bellevue, WA-based company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Bellevue Life Sciences Acquisition would command a market value of $79 million.

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 was founded in 2020 and plans to list on the Nasdaq under the symbol BLACU. The company filed confidentially on March 12, 2021. Chardan Capital Markets is the sole bookrunner on the deal.

Source :$60-million-IPO

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