Eucrates Biomedical Acquisition Corp. announced a private placement of 350,000 units at an issue price of $10 per share for gross proceeds of $3.5 million on October 5, 2020. The transaction will include participation from Eucrates Llc. Each unit will consist of one common share and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per share. The warrants will expire five years after the date of issuance and are non-redeemable. The securities issued in the transaction will be subject to hold period of one year. The company has granted the over-allotment option in the transaction for 380,000 units for gross proceeds of $3,800,000.