Intelligent Medicine Acquisition Corp. Announces Closing of Upsized $207,000,000 Initial Public Offering
Intelligent Medicine Acquisition Corp. ,announced that it closed its upsized initial public offering of 20,700,000 units at a price of $10.00 per unit, including 2,700,000 units purchased by Cantor Fitzgerald & Co. (“Cantor”) pursuant to the over-allotment option granted to Cantor in its role as sole book running manager for the offering. The units began trading on the Nasdaq Global Market (NASDAQ) under the ticker symbol “IQMDU”. Each unit consists of one share of common stock and one-half of one redeemable warrant of the Company.
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Each whole warrant entitles the holder to purchase one share of common stock of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares and warrants are expected to be traded on NASDAQ under the symbols “IQMD” and “IQMDW,” respectively.
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Intelligent Medicine was formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on life science companies that are using artificial intelligence, machine learning and big data to power drug discovery.
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