Phoenix Biotech Acquisition Corp. (NASDAQ: PBAXU) (the “Company”), a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 15,500,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $155,000,000. The Company's units will be listed on The Nasdaq Global Market (“Nasdaq”) under the symbol “PBAXU” and will begin trading on October 6, 2021. Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-half of one warrant, with each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “PBAX” and “PBAXW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The closing of the offering is anticipated to take place on or about October 8, 2021, subject to customary closing conditions.
Cantor Fitzgerald & Co. is serving as sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,325,000 units at the initial public offering price to cover over-allotments, if any.
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