WASHINGTON (dpa-AFX) - Friday, Allarity Therapeutics, Inc. (ALLR) announced that Allarity Acquisition Corp., a newly formed special purpose acquisition company, has filed for a proposed initial public offering of its units to list on Nasdaq under the symbol 'ALLNU'.
The offering is expected to have a base offering size of $100 million, or $115 million if the underwriters exercise their over-allotment option in full.
As per the terms of the offering, ALLR Sponsor LLC, a wholly-owned subsidiary of Allarity, is estimated to own approximately 25.0% of Allarity Acquisition Corp.'s issued and outstanding ordinary shares following completion of the offering.
Jesper Hoiland, a current board member of Allarity and a former EVP and President of Novo Nordisk, will serve as Chairman of the board of directors of Allarity Acquisition Corp.
The company stated that Allarity Acquisition Corp. may pursue an initial business combination in any industry, sector or geographic region.
In pre-market hours, ALLR was trading at $1.3, up 4 percent on the Nasdaq.
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