XPAC Acquisition registered with the SEC to raise up to $200 million through an offering of 20 million units, each consisting of one Class A ordinary share and one-third of one redeemable warrant. Whole warrants would be exercisable at $11.50.
The underwriter has a 45-day option to purchase up to an additional 3 million units to cover any over-allotments.
XPAC in the filing said it was draw on management’s experience to identify a target business with competitive advantages as well as a consistent Environmental, Social and Governance (ESG) framework.
The SPAC is led by CEO and Chairman Chu Kong, who over the last 25 years has led the operations of three private equity funds and executed several transactions, including the investments in and successful exits of dental insurance company OdontoPrev, and financial services firms Stone Co. and XP. Kong is a partner of XP and head of its private equity division.
The SPAC intends to apply for a listing on the Nasdaq under XPAXU. Read more.
