Biotech SPAC Bellevue Life Sciences Acquisition prices $60 million IPO : OSR Health

22 Jan 2024

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.

https://www.renaissancecapital.com/IPO-Center/News/97416/Biotech-SPAC-Bellevue-Life-Sciences-Acquisition-prices-$60-million-IPO

BCM, 첫 미국 나스닥 SPAC ‘BLAC’ 상장 성공…국내 바이오텍 인수 물색 Bellevue Life Sciences Acquisition Corp. (BLACU) Prices $60M IPO

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Who is eligible to participate in the Shareholder Loyalty CVR Program?

All shareholders who own OSR Health common stock as of the applicable Record Date are eligible to apply for the Shareholder Loyalty CVR Program. Shareholders must complete the required enrollment process and satisfy the applicable program requirements before Contingent Value Rights (CVRs) are issued.

How do I enroll?

Enrollment is completed by submitting the appropriate application form. U.S. shareholders will need to hold their shares through Direct Registration (DRS) with the Company's transfer agent before enrolling. Non-U.S. shareholders enroll through a separate application process. Full instructions and forms are available on this page.

What happens if I sell my shares?

The Shareholder Loyalty CVR Program is designed to reward long-term ownership. If you sell, transfer, or otherwise dispose of the shares associated with your CVRs before the applicable milestone is achieved, those CVRs will generally terminate and will no longer be eligible to receive additional shares.

Extra shares recieved by reaching are milestones are free to be sold and don't affect future milestone rewards associated with the CVRs from the original shares held on record date.

Do I need to do anything after enrolling?

Once your enrollment has been approved, no further action is generally required. Simply continue to hold your enrolled shares and remain eligible under the terms of the program. If applicable share price milestones are achieved during the program period, eligible U.S. shareholders will receive the corresponding share distributions in accordance with the program terms. Non U.S. shareholders will have to provide a broker attestation on each measurement date to confirm their original shares position.