Fintech SPAC AIB Acquisition Seeks To Raise US$75 Million In IPO

Special purpose acquisition company AIB Acquisition Corporation (Nasdaq: AIBBU) went public on the Nasdaq Global Market today. The firm is looking to raise US$75.0 million through its initial public offering.

The offering consists of 7.5 million units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one right to receive 1/10 of a common share upon the completion of business combination.

The company units trade on the Nasdaq big board under the symbol “AIBBU”. Once the securities separate, the company shares and rights will trade under the ticker symbols “AIB” and “AIBBR”, respectively.

The offering, expected to close on January 21, 2022, is being managed by Maxim Group as the sole bookrunner. The company has granted the underwriter a 45-day over-allotment option to purchase additional 1.125 million company units at the same IPO price.

The blank-check company intends to focus on businesses in the fintech industry. The firm is backed by American International Bank whose CEO Eric Chen also leads the SPAC as the chief executive officer.

Information for this briefing was found via Edgar 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.

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