Electric Vehicle SPAC Arogo Capital Acquisition Prices Downsized US$90 Million IPO
Special purpose acquisition company Arogo Capital Acquisition Corp. (Nasdaq: AOGOU) will start on Monday to publicly trade its shares on the Nasdaq Global Market. The company is seeking to raise US$90 million in its initial public offering.
The offering consists of 9.0 million units, down from the previously filed 10.0 million units, priced at US$10.00 per unit. Each unit is composed of one common share and one purchase warrant, with each warrant redeemable for one common share at US$11.50 per share.
The company units will trade on the Nasdaq big board under the symbol “AOGOU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “AOGO” and “AOGOW”, respectively.
The proposed offering is being managed by EF Hutton as the sole bookrunner. The company has granted a 45-day over-allotment option to purchase additional 1.35 million company units at the same IPO price.
The IPO is expected to close on December 29, 2021, subject to customary closing conditions.
The blank check company will be looking to acquire a business focused on “electric vehicles technology, smart mobility, or sustainable transportation” in the Asia Pacific, particularly in South East Asia. The SPAC is led by its CEO Suradech Taweesaengsakulthai, CEO of Thailand-based vehicle manufacturer Cho Thavee Public Company Limited.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.