Summit Healthcare Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering

HONG KONG, June 9, 2021 /PRNewswire/ -- Summit Healthcare Acquisition Corp. (the "Company") today announced the pricing on June 8, 2021 of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market and trade under the ticker symbol "SMIHU" beginning June 9, 2021. Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols "SMIH" and "SMIHW," respectively.

BofA Securities, Inc. is acting as the sole book-running manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC  28255-0001, Attn: Prospectus Department or by emailing [email protected].

The registration statement relating to the securities became effective on June 8, 2021.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is expected to close on June 11, 2021, subject to satisfaction of customary closing conditions.

The Company is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to any particular geographic region or industry.  The Company is led by Bo Tan, the Company's Chief Executive Officer and Co-Chief Investment Officer, Ken Poon, the Company's President and Co-Chief Investment Officer, and Wei Fu, the Company's Honorary Chairman and Senior Advisor.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

SOURCE Summit Healthcare Acquisition Corp.

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