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Chinese blank check company AGBA Acquisition files for U.S. IPO
Last Updated: 2019-04-12 01:01 | Xinhua
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AGBA Acquisition, a Chinese blank check company (or SPAC, special purpose acquisition company) targeting the services sector in China, filed on Thursday for an initial public offering (IPO) on the U.S. stock market.

The company plans to list on the Nasdaq under the symbol "AGBAU," with an expectation to raise up to 40 million U.S. dollars by offering 4 million units at a price of 10 dollars per unit, according to its prospectus filed with the U.S. Securities and Exchange Commission.

Each unit consists of one ordinary share, one redeemable warrant, and one right to receive one-tenth of an ordinary share upon the consummation of an initial business combination.

Each redeemable warrant entitles the holder thereof to purchase one-half of one ordinary share, said the company.

Maxim Group LLC is the sole bookrunner on the deal.

Founded in 2018, the Hong Kong-based company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, which it refers to as a "target business."

It mainly focuses on operating businesses in the healthcare, education, entertainment and financial services sectors that have their principal operations in China, revealed the filing.

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Chinese blank check company AGBA Acquisition files for U.S. IPO
Source:Xinhua | 2019-04-12 01:01
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