Tang Capital files for $75 million SPAC IPO priced at $25 a share

Tang Capital Acquisition, a blank check company backed by life sciences investor Tang Capital, registered with the Securities and Exchange Commission on October 6, 2026, for an initial public offering of as much as $75 million, according to Renaissance Capital.

The San Diego company intends to sell 3.0 million shares at $25 each. It is not selling units bundled with warrants or rights, and the $25 price breaks from the $10 level standard for SPACs; Renaissance Capital said the last deal to depart from that price was Executive Network Partnering Corp in September 2020.

Sponsor Tang Capital Management has given a non-binding indication that it would buy $50 million of stock at the offering price, roughly 67% of the deal, and said it plans to take more than half of the shares even if outside demand is strong. The SPAC calls itself the first "no-promote" vehicle, with one class of shares, no founder shares or warrants for the sponsor, and sponsor expenses repaid out of trust interest.

Kevin Tang, founder and president of Tang Capital Management and chief executive of Aurinia Pharmaceuticals, is chief executive and chair. Michael Hearne is finance chief and Ryan Cole is operating chief; both hold roles at Aurinia.

The company, founded in 2026, targets private development-stage biopharmaceutical businesses and filed confidentially on August 31, 2026. It plans to trade on the Nasdaq under the symbol TCAA, with LifeSci Capital and Raymond James as joint bookrunners.

This story was first reported by Renaissance Capital.