Rainier Acquisition Corporation, a special purpose acquisition company targeting global life sciences businesses, priced its initial public offering at $10 per unit, raising gross proceeds of $75 million before underwriting discounts and expenses.
The IPO comprises 7.5 million units, each consisting of one Class A ordinary share and one-quarter of a redeemable warrant. The warrants, exercisable at $11.50 per share, will trade separately under the symbol RNAQW once units are split, while the shares will list as RNAQ on the Nasdaq Capital Market.
Chardan served as the sole book-running manager for the offering and retained a 45-day option to purchase up to an additional 1.125 million units at the IPO price. The SEC declared the registration statement effective on August 26, with units expected to commence trading on August 27 and the offering to close the following day.
Rainier, led by CEO Gbola Amusa and CFO Guy Barudin, is focused on identifying a business combination within therapeutics, diagnostics, genomics, precision medicine, and biomanufacturing, though its search is not restricted to those sectors or regions.
