Nov 2021
Conyers has provided Cayman Islands legal advice to ALSP Orchid Acquisition Corp I (ALSP Orchid), a special purpose acquisition company, on its US$172.5 million initial public offering (IPO) on the Nasdaq Global Market (Nasdaq).
ALSP Orchid is a newly organized blank check company formed in the Cayman Islands by venture capital firm Accelerator Life Science Partners, a firm focused on building next-generation life science companies that solve important healthcare needs with cutting-edge breakthroughs in medicine and science.
The IPO is comprised of an offering of 17,250,000 units at a price of $10.00 per unit which includes the underwriters’ overallotment. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. The units are listed on Nasdaq and began trading under the ticker symbol “ALORU” on November 19, 2021. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “ALOR” and “ALORW,” respectively.
Partner Matthew Stocker, Counsel Alex Davies and Associate Matthew Harkness of Conyers’ Cayman office advised on the Cayman Islands legal and regulatory aspects of the IPO working alongside Cooley LLP as lead legal advisor to ALSP Orchid