Eucrates Biomedical Acquisition Corp., a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 10,000,000 units at an initial public offering price of $10.00 per unit. The units are listed on The Nasdaq Capital Market ("Nasdaq") and commenced trading under the ticker symbol "EUCRU" beginning on October 23, 2020. Each unit consists of one ordinary share of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one ordinary share of the Company at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be listed on Nasdaq under the symbols "EUCR" and "EUCRW," respectively.

While the Company may pursue an initial business combination target in any business or industry, it intends to focus on the biomedical and healthcare industry. The Company intends to target North American and European healthcare companies with the potential to drive transformational change through the convergence of biomedicine and data science.

Stifel and H.C. Wainwright & Co. acted as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price, less underwriting discounts and commissions.

About Eucrates Biomedical Acquisition Corp.

Eucrates Biomedical Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share 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 on the biomedical and healthcare industry. The Company intends to target North American and European healthcare companies with the potential to drive transformational change through the convergence of biomedicine and data science. "Eucrates" is a portmanteau, formed by combining Euclid (the Father of Geometry) and Hippocrates (the Father of Medicine).