The first week of September began with slow pace with only one IPO. Yet, there were five SPACs went public in the week of August 31, 2020.
PainReform Ltd, the only IPO of the week, slumped 15.64% on its first day of trading on September 1, 2020 and closed at $6.73, giving the company a market cap of approximately $59 million.
Israeli biotechnology company which developing therapies for post-operative pain relief raised $20 million by offering 2.5 million ADSs at $8, the low end of the proposed range of $8 to $10.
The Herzliya, Israel-based company was founded in 2007 and booked $35 million in sales for the 12 months ended December 31, 2019. The five SPACs went public this past week are:
1. CM Life Sciences (life science business SPAC)
2. INSU Acquisition II (insurance industry SPAC)
3. BCTG Acquisition (biotech industry SPAC)
4. HighCape Capital Acquisition (life sciences industry SPAC)
5. Tailwind Acquisition (technology business SPAC)
Together, all the SPACs raised a total of $1.1 billion.
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