Copley Acquisition, a particular objective acquisition firm (SPAC) backed by Hong Kong-based funding companies Pacific Aegis Capital Administration (PACM), Gobi Companions and Hermitage Capital, plans to boost $150 million on the Inventory Change New York (NYSE).
The SPAC priced its preliminary public providing (IPO) of 15 million models at US$10 every, based on its submitting with the US Securities and Change Fee on Friday.
The SPAC’s itemizing may happen in February 2025, topic to regulatory approval. Proceeds might be used to fund merger targets within the expertise and way of life sectors in North America and Asia Pacific, excluding China.
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“We see alternatives supported by the restoration in fairness markets, significantly when the brand new [US] “The administration will take workplace subsequent yr,” Copley co-CEO Francis Ng mentioned Monday. “The listed SPAC ought to be capable of profit from market dynamics subsequent yr.”
Francis Ng, co-CEO of Copley Acquisition, was president and CFO of Black Spade Acquisition when the corporate accomplished a $23 billion merger with VinFast Auto in August 2023. Photograph: AFP alt=Francis Ng, co-CEO of Copley Acquisition Copley Acquisition, was president and CFO of Black Spade Acquisition when it accomplished a $23 billion merger with VinFast Auto in August 2023. Photograph: AFP>
Copley mentioned within the submitting that the expertise and way of life sectors, significantly these which might be main beneficiaries of next-generation expertise, provide “quite a few alternatives for enterprise combos.”
Co-CEO Chibo Tang is managing associate at Gobi Companions, a Hong Kong and Kuala Lumpur-based enterprise capital agency with $1.6 billion in belongings beneath administration. Gobi invests in sectors comparable to synthetic intelligence (AI), fintech, client, healthcare and sustainability.
Menghan Henry Zhang, CFO and Chairman of Copley, is president and managing associate of Hermitage Capital, a technology-focused personal fairness agency with $1 billion in belongings beneath administration. The corporate’s investments embrace autonomous driving options supplier Horizon Robotics, AI clever manufacturing supplier SmartMore and AI drug discovery firm XTalPi.
Copley will give attention to sectors comparable to electrical automobiles, robotics and cybersecurity, in addition to way of life companies, which contain luxurious clothes, wellness and journey.
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