TechyBird Acquisition Corp., a special-purpose acquisition company, has filed for an initial public offering (IPO) with the Securities and Exchange Commission. The company's focus is on pursuing a business combination in the biotechnology and pharmaceutical sectors, specifically targeting growth companies with enterprise values ranging from $100 million to $2 billion.
TechyBird plans to offer 6 million units at a price of $10 per unit. Each unit will include one ordinary share and the right to receive one-fifth of an ordinary share after the initial business merger is completed. The company expects its shares to be traded on the Nasdaq Global Market under the ticker symbol TKBD.
Use of Proceeds
The majority of the proceeds from the offering will be allocated to a trust account. The remaining funds will be used for legal and accounting fees, office space, working capital, and director and officer liability insurance.
Business Combination Timeline
TechyBird has set a one-year timeline from the closing of its offering to complete an initial business combination. However, the company has the option to extend this deadline by up to 12 months by depositing additional funds into its trust account.
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