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[Endpoint News]New SPAC submits plans for $130M IPO, as another raises $60M

Date : 2023-02-20View : 198


Two new biotech SPACs have come to town — and one of them has gone public.


Keen Vision Acquisition Corp. announced its formation via SEC filing on Thursday, where it will look to raise $130 million through its IPO. The current plan is to sell 13 million shares at $10 a piece.

The filing says that while the SPAC has not identified a company to combine with, the SPAC is looking at multiple industries, including biotech, consumer goods or agriculture.

The SPAC’s sponsor, KVC Sponsor LLC, currently owns all 3,737,500 shares and is controlled by managers Kenneth Wong and Jason Wong. After the SPAC starts trading on Nasdaq, at a time yet to be determined, that 100% stake will drop down to just over 22%.

Alongside Kenneth Wong, four other investors are listed in the S-1 that will acquire some shares after the IPO. The shares each person gets range from 20,000 shares to 45,000 shares.

According to the S-1, the SPAC’s sponsor is founded by a British Virgin Islands-based private equity firm from Kenneth Wong called Keen Vision Capital Limited.

Jason Wong, the sponsor’s other manager, is both founder and CEO of another investment company called Norwich Investment Limited, a holding company that sponsored SPAC Tottenham Acquisition I Limited. That SPAC merged with ALS-focused biotech Clene Nanomedicine back in late 2020.

Another biotech-focused SPAC put out word Friday that it raised $60 million, selling 6 million shares at $10 each.

Bellevue Life Sciences Acquisition Corp. said in its amended S-1 filed in January that it plans on targeting the biotech industry. More specifically, the company said:

“We are focused on companies developing the next generation of biologics which include therapeutic antibodies, engineered protein and enzyme drugs, cellular therapies, engineered viruses and bacteria, and DNA-and RNA-modifying technologies, using advanced molecular biology and biochemistry. We will consider companies with pipeline programs in clinical “Proof-of-Concept” studies (often from Phase 1 to 2a) to develop novel medicines to address diseases which cannot yet be cured or sufficiently managed.”

Bellevue Life Sciences Acquisition is listed on Nasdaq under the ticker $BLACU.




New SPAC submits plans for $130M IPO, as another raises $60M – Endpoints News (

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