Avista Healthcare Public Acquisiton Corp (NASDAQ:AHPAU) consummated its initial public offering (the “IPO”) of 30,000,000 units (the “Units”). Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Share”), and one warrant of the Company to purchase one-half of one Ordinary Share for $5.75 per one-half share (or $11.50 per whole share). The Units were sold at a price of $10.00 per unit, generating gross proceeds to the Company of $300,000,000.
On October 14, 2016, simultaneously with the consummation of the IPO, the Company completed the private sale (the “Private Placement”) of an aggregate of 16,000,000 warrants (the “Private Placement Warrants”) at a purchase price of $0.50 per Private Placement Warrant, to the Company’s sponsor, Avista Acquisition Corp., and the Company’s independent directors, generating gross proceeds to the Company of $8,000,000.
A total of $300,000,000, comprised of $294,000,000 of the proceeds from the IPO, including approximately $10,500,000 of the underwriters’ deferred discount, and $6,000,000 of the proceeds of the sale of the Private Placement Warrants, were placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A., maintained by Continental Stock Transfer &Trust Company, acting as trustee. An audited balance sheet as of October 14, 2016 reflecting receipt of the proceeds upon consummation of the IPO and the Private Placement has been issued by the Company and is included as Exhibit 99.1 to this Current Report on Form 8-K.