Sachem Capital Corp. is a special purpose acquisition company organized under the laws of the State of Delaware in June 2020. As a blank check company, it was formed with the sole purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. To date, Sachem Capital Corp. has not announced a definitive business combination target.
In December 2020, the company completed its initial public offering of 30,000,000 units at a price of $10.00 per unit, raising gross proceeds of $300 million. Each unit consists of one share of common stock and one‐half of one redeemable warrant. The net proceeds from the offering have been deposited in a trust account invested in U.S. government treasury securities and cash equivalents until the closing of an initial business combination.
Under the terms of its charter, Sachem Capital Corp. must complete an initial business combination within 24 months of the closing of its IPO, subject to extension rights, or otherwise liquidate and return funds held in trust to its public stockholders. The company may pursue targets across a broad range of industries and geographies, both within the United States and internationally, depending on market conditions and strategic fit.
The sponsor of the company is Sachem Capital Partners, LLC, an entity formed by a group of finance professionals with backgrounds in investment banking, private equity and corporate advisory services. The management team, which oversees deal sourcing, diligence and negotiation, draws on this collective experience to identify and execute a value-creating transaction for Sachem Capital Corp.’s shareholders.
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