NEW YORK, Dec. 22 (Xinhua) -- Wealthbridge Acquisition, a Chinese blank check company (or SPAC, special purpose acquisition company), is seeking to raise 50 million U.S. dollars in an initial public offering (IPO) on the U.S. stock market.
The company plans to offer its IPO of 5 million units at a price of 10 dollars per unit, according to its prospectus filed Friday with the U.S. Securities and Exchange Commission.
Each unit consists of one ordinary share, one redeemable warrant for one-half of a share, and one right to receive one-tenth (1/10) of an ordinary share upon the consummation of an initial business combination.
Each redeemable warrant entitles the holder thereof to purchase one-half (1/2) of one ordinary share at a price of 11.50 dollars per full share, said the company.
SPACs are shell companies that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC's IPO.
The Hong Kong-based company, which was incorporated in 2018, anticipated to list on the Nasdaq under the ticker symbol of "HHHU."
Chardan Capital Markets is the sole bookrunner on the deal. No further pricing terms were disclosed.
