Summit Healthcare Acquisition Corp. announced that it has entered into a warrant purchase agreement for 6,000,000 warrants (or 6,600,000 warrants if the underwriters’ over- allotment option is exercised in full) at an issue price of $1 per warrant for gross proceeds of $6,000,000 (or $ 6,600,000 if the over- allotment option is exercised in full) on May 3, 2021. The transaction will include participation from existing investor Summit Healthcare Acquisition Sponsor LLC. Each warrant exercisable to purchase one share of its Class A common stock at $11.50 per share, subject to adjustments. The warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation. The private placement warrants will be non-redeemable for cash and exercisable on a cashless basis so long as the investor or its permitted transferees hold them. Once the warrants become exercisable, the company may redeem the outstanding warrants subject to conditions. The securities issued in the transaction are not transferable or salable until 30 days after the completion of our initial business combination.