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Spac led by Singapore-based businessman raises $118m in Nasdaq IPO, Firms & Markets Information & Prime Tales

Spac led by Singapore-based businessman raises 8m in Nasdaq IPO, Firms & Markets Information & Prime Tales

SINGAPORE (THE BUSINESS TIMES) – Particular function acquisition firm (Spac) 8i Acquisition 2 Corp started buying and selling on the US Nasdaq inventory alternate on Nov 22 after elevating US$86.3 million (S$118 million) in its preliminary public providing, it mentioned on Thursday (Nov 25).

Proceeds had been raised from some 8.63 million models at an providing worth of US$10 per unit, which additionally contains the 1.1 million models issued from the total train of the underwriter’s over-allotment possibility.

Every unit consists of 1 bizarre share, one warrant to buy half of an bizarre share, and a proper to obtain one-tenth of an bizarre share, upon the beginning of the corporate’s preliminary enterprise mixture.

Singapore-based James Tan Meng Dong is the chief government officer and director of 8i Acquisition 2 Corp in addition to different entities of the 8i group together with 8i Capital, 8i Holdings and 8i Enterprises.

In keeping with the group’s web site, Mr Tan has greater than 25 years of expertise in managing non-public and public corporations based mostly in Asia and the US. In 2019, the 8i group first launched and listed its Spac on the Nasdaq. 8i Enterprises Acquisition Corp raised US$50 million in its itemizing.

8i Acquisition 2 Corp is a newly organised clean cheque firm included within the British Virgin Islands.

Maxim Group LLC was the only book-running supervisor for the providing.

Models of 8i Acquisition 2 Corp closed up US$0.024 or 0.2 per cent at US$10.16 on Wednesday.

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