Special purpose acquisition company Lakeshore Acquisition II Corp. (Nasdaq: LBBBU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$60 million in its initial public offering.
The offering consists of 6.0 million company units priced at US$10.00 per unit. Each unit is composed of one common share, one-half of a purchase warrant, and one-tenth of a right. Each whole warrant is redeemable for one common share at US$11.50 per share while each whole right equates to one common share.
The company units trade on the Nasdaq big board under the symbol “LBBBU”. Once the securities separate, the company shares, warrants, and rights will trade under the ticker symbols “LBBB”, “LBBBW”, and “LBBBR”, respectively.
The proposed offering is being managed by Network 1 Financial Securities as the sole bookrunner. The underwriters were granted a 45-day over-allotment option to purchase additional 0.9 million company units at the same IPO price.
The blank check company did not outline any specific inclination for its search of business combinations. Lakeshore Acquisition I Corp.(Nasdaq: LAAA) completed its IPO in June 2021, raising a total of US$54.7 million in proceeds.
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.
The Grocery Grift: Why Toronto and New York Are About to Light Taxpayer Money on Fire