YS Biopharma, a global biopharmaceutical company, will close its business combination with Summit Healthcare Acquisition Corp (Nasdaq: SMIH) on March 16, 2023. Following this, YS Biopharma's shares and warrants are set to begin trading on Nasdaq under the symbols YS and YSBPW on March 17, 2023. The combination is projected to yield approximately $36 million in gross proceeds for clinical developments, specifically targeting rabies and COVID-19 vaccines. With a focus on innovation and growth, YS Biopharma has a diverse product pipeline aimed at addressing infectious diseases and cancer.
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Summit Healthcare Acquisition Corp. announced the pricing of its initial public offering (IPO) on June 8, 2021, offering 20,000,000 units at $10.00 each. The units, listed on Nasdaq under the symbol 'SMIHU', comprise one Class A ordinary share and one-half redeemable warrant. Each whole warrant can purchase one share at $11.50. An additional 3,000,000 units may be purchased by underwriters to cover over-allotments. The IPO is expected to close on June 11, 2021, subject to customary conditions.