Business
Melco Chairman Lawrence Ho’s SPAC Raises $150M on Nasdaq for Mergers in AI, Entertainment, and Lifestyle Sectors
A Special Purpose Acquisition Company (SPAC) supported by Lawrence Ho, the chairman of Melco, has garnered $150 million on Nasdaq. Proceeds from the initial public offering (IPO) of Black Spade Acquisition II will be utilized to merge with companies in the entertainment, lifestyle, and technology sectors, especially those working on artificial intelligence (AI).
Black Spade Capital, the private investment firm of Lawrence Ho Yau-lung, who is the chairman of Macau-based casino business Melco Resorts & Entertainment, launched its second Special Purpose Acquisition Company (SPAC) on the Nasdaq stock exchange on Wednesday.
Black Spade Acquisition II, a SPAC backed by a subsidiary of Black Spade Capital, has set the price for its initial public offering (IPO) of 15 million units at $10 per unit.
Every single unit is made up of one Class A common stock and one-third of a redeemable warrant. Each full warrant can be used to buy one Class A common stock at a cost of $11.50 per share, with potential for certain modifications, as stated by Black Spade.
The shares will be traded under the stock market abbreviation BSIIU.
SPACs, also known as shell corporations, are established, often under the endorsement of renowned personalities such as celebrities, sports legends, and notable entrepreneurs. Their primary aim is to accumulate funds for the purchase of assets within a specified timeframe.
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