BUSINESS OF TURMERIC AND CERTAIN INFORMATION ABOUT TURMERIC
References in this section to we, our, or us refer to Turmeric Acquisition Corp.
General
We are a blank check company
incorporated as an exempted company in the Cayman Islands on August 28, 2020 formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination
with one or more businesses. We have reviewed, and continue to review, a number of opportunities to enter into an initial business combination with one or more operating businesses.
IPO and Private Placement
On
October 20, 2020, we consummated our initial public offering of 9,775,000 Units at $10.00 per Turmeric Public Unit, including the underwriters fully exercised their over-allotment option, generating gross proceeds of approximately
$97.8 million. The securities in the offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-249099). The SEC declared
the registration statement effective on October 15, 2020. Simultaneously with the closing of our initial public offering, we consummated the sale of 415,500 Private Placement Units to the Sponsor at a price of $10.00 per Private Placement Unit,
generating gross proceeds of approximately $4.2 million.
Transaction costs amounted to $6,576,250, consisting of $1,955,000 of
underwriting fees, $3,421,250 of deferred underwriting fees and $1,200,000 of other offering costs.
Following the closing of our initial
public offering on November 20, 2020, an amount of approximately $97.8 ($10.00 per Unit) from the net proceeds of the sale of the Units in our initial public offering and the sale of the Private Placement Units were placed in a Trust Account,
and invested in U.S. government securities, within the meaning set forth in the Investment Company Act, with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund investing solely in
U.S. Treasuries and meeting certain conditions under Rule 2a-7 of the Investment Company Act, as determined by us, until the earliest of: (i) the completion of an initial business combination and
(ii) the distribution of the funds in the Trust Account to our shareholders.
Our Business
To date, our efforts have been limited to our organizational activities and activities relating to our initial public offering and the
identification and evaluation of prospective acquisition targets for our initial business combination. We have generated no operating revenues to date and we do not expect that we will generate operating revenues until after we consummate our
initial business combination.
While we may pursue an acquisition opportunity in any business, industry, sector or geographical location,
we focus on industries that complement our management teams background, and in our search for targets for our initial business combination seek to capitalize on the ability of our management team to identify and acquire a business focusing on
healthcare or a healthcare related industry. In particular, we are targeting North American or European companies in the life sciences drug development sector where our management has extensive investment experience. We may pursue a transaction in
which our shareholders immediately prior to our initial business combination would collectively own a minority interest in the post-transaction company.
Our Founder
Our Sponsor is an affiliate
of MPM Capital (MPM), a life sciences investment firm with approximately $3.5 billion in assets under management as of December 31, 2021 and an affiliate of our Sponsor. MPM was
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