Vickers Vantage Corp. II is a SPAC — a blank check company with no operations or revenue — formed to raise capital through an IPO and use those proceeds to acquire an operating business. The company is conducting an IPO of 18M units at $10.00 per unit, targeting gross proceeds of $180M (up to $207M with the overallotment option exercised), with substantially all proceeds held in trust until a deal closes. The SPAC is sponsored by an affiliate of Vickers Venture Partners (VVP), a venture capital firm focused on early-stage deep-tech investments in biotechnology, healthcare, energy, and materials science. The management team argues that VVP's deal flow and technical expertise will help source acquisition targets in those sectors. The sponsor acquires founder shares at a nominal cost, which convert into publicly tradable Class A shares upon completing an acquisition — a structure that creates significant upside for the sponsor even if the post-deal stock trades well below the $10.00 IPO price. Public shareholders can redeem shares at approximately $10.025 regardless of how they vote on a deal. If no acquisition is completed within 21 months, the trust liquidates and public shareholders receive their capital back with interest, while the sponsor's founder shares expire worthless. The management team previously ran Vickers Vantage Corp. I, which completed a combination with Scilex Holdings in November 2022; Scilex shares traded at $0.43 as of December 31, 2024.