GlobeNewswire Inc | Feb 2, 2021 02:50PM EST

February 02, 2021

New York, NY, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Brookline Capital Acquisition Corp. (NASDAQ: BCACU) (the Company) announced today that it closed its initial public offering of 5,750,000 units, including the exercise in full of the underwriters 45-day option to purchase up to an additional 750,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $57,500,000.

The Companys units are listed on the Nasdaq Capital Market (Nasdaq) and commenced trading under the ticker symbol BCACU on January 29, 2021. Each unit consists of one share of the Companys common stock and one half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of common stock at a price of $11.50 per share. Only whole warrants will trade and are exercisable.Once the securities comprising the units begin separate trading, the shares of common stock and warrants are expected to be traded on Nasdaq under the symbols BCAC and BCACW, respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on life science companies in the United States and Europe. The Company is led by its Chief Executive Officer and Chairman, Samuel P. Wertheimer, its President, Scott A. Katzmann, and its ChiefFinancial Officer, Patrick A. Sturgeon.

Ladenburg Thalmann & Co. Inc. is acting as the sole book running manager for the offering.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, $58,075,000 (or $10.10 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of February 2, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained by contacting Ladenburg Thalmann & Co. Inc., Attn: Syndicate Department, 640 5th Avenue, 4th Floor, New York, NY 10019, telephone number: 1-800-573-2541, e-mail: prospectus@ladenburg.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on January 28, 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking statements, including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given 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 Companys registration statement and prospectus for the offering filed with the Securities and Exchange Commission (SEC). Copies are available on the SECs 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.

Contact

Samuel P. Wertheimer Brookline Capital Acquisition Corp. (646) 603-6716 bcac@brooklinecapmkts.com