Special purpose acquisition company A SPAC I Acquisition Corp. started trading on the Nasdaq Capital Market today. The firm aims to raise US$60.0 million in its initial public offering.
The offering consisted of 6.0 million company units at US$10.00 per unit. Each unit contains one Class A common share, three-fourths of a redeemable warrant, and one-tenth of a right. Each whole warrant is exercisable for one common share at US$11.50 per share while each whole right equates to one common share upon business combination. The shares, warrants, and rights, once trading separately, will be trading under “ASCA”, “ASCAW”, and “ASCAR”, respectively.
Chardan acts as the sole bookrunner for the said offering. The underwriters were granted a 45-day overallotment option to purchase additional 0.9 million units at the same IPO price.
The offering is expected to close on February 17, 2022, subject to customary closing conditions.
The Singapore-based blank check firm intends to focus on completing a business combination in the technology, media, and telecom (TMT) sector.
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.