AMAN · Amanat Acquisition Corp Class A Ordinary Shares

Amanat Acquisition Corp represents a healthcare-focused SPAC led by executives with proven biotech track records, including Sandeep Kulkarni (Zura Bio CEO, Tourmaline Bio founder acquired for $1.4B) and Pavan Cheruvu (Bitterroot Bio CEO). The $75M trust (potentially $86.25M with greenshoe) targets enterprise values exceeding proceeds, leveraging management’s networks for proprietary deals in a market where venture funding remains robust ($26B in 2024) but IPOs selective (16 in 2023). Sponsor’s 20% founder stake (1.875M shares at $0.012/share) creates alignment but dilution risk via anti-dilution conversion potentially exceeding 1:1 ratio. No warrants mitigate post-merger overhang, distinguishing from prior SPACs. Key risks include high redemptions blocking deals, management conflicts from concurrent SPACs (JATT II, Liminatus), and CFIUS scrutiny if foreign investors participate. Proceeds fund operations ($1.5M working capital) and target search, with $20K/month sponsor fee. Post-IPO, sponsor controls director appointments until business combination, ensuring continuity. Biotech focus taps $5.3T U.S. healthcare spend (projected 20.3% GDP by 2033), external innovation trends, and 100+ crossover-funded privates seeking liquidity. Management’s $1B+ capital raises and 5 public listings position for value creation, though clinical risks and capital intensity persist. Offering structure (no warrants, 20% redemption cap) aims to attract long-term biotech investors.