Jupiter Wellness Acquisition registered with the SEC to raise $100 million through an offering of 10 million units priced at $10 each. A unit consists of one share and one right. Each right entitles the holder to receive one-eighth of a share following the closing of a merger.
The new SPAC will seek a target in the healthcare industry with an equity value of approximately $300 million to $1 billion.
Chairman and CEO Brian John has since October 2018 been the CEO and a director of Jupiter Wellness, a developer of cannabidiol-based medical therapeutics and wellness products, of which he was a founder. He is also the founder of Caro Partners, a financial consulting firm specializing in assisting emerging growth companies primarily in the sub-$100 million space.
I-Bankers is sole book-running manager. The underwriters have a 30-day option to purchase up to an additional 1.5 million units to cover over-allotments, if any.
Jupiter Wellness intends to apply for a Nasdaq listing under JWACU. Read more.
