Tang Capital Acquisition is a special purpose acquisition company formed to merge with a private, development-stage biopharmaceutical company. The company has no commercial operations and generates no revenue. Its sole purpose is to raise capital, hold the proceeds in trust, and take a target life sciences business public through a merger. Tang Capital Acquisition is sponsored and managed by Tang Capital Management, a life sciences investment firm. Unlike traditional blank check companies, Tang Capital Acquisition operates as a no-promote vehicle without founder shares, warrants, or rights. The sponsor purchases ordinary shares at the same price as public investors and funds pre-merger operating expenses. When Tang Capital Acquisition proposes a business combination, trust proceeds fund the deal, and public shareholders retain the option to redeem their shares. The company must complete an acquisition within a fixed 24-month window or liquidate and return trust funds to shareholders.