PHP Ventures Acquisition registered with the SEc to offer 5 million units at $10 each. A unit consists of one share of Class A common stock, one-half of one redeemable warrant and one right. Whole warrants are exercisable for a share at $11.50. Each right entitles the holder to receive one-tenth of a share upon completion of a business combination.
The underwriters have a 45-day option to purchase up to an additional 750,000 units to cover any over-allotments.
PHP, which stands for People Helping People, intends to focus on consumer-facing companies with a significant Africa presence or a compelling Africa potential.
The new SPAC is led by CEO Marcus Choo Yeow Ngoh who has over 15 years of experience in the business and entrepreneurship world. He is a former director of Edmark Promotions HongKong, where he opened up new businesses in the Middle East and Africa. Previously, he served as a marketing executive for Everdynamic Marketing.
PHP has applied for a listing on the Nasdaq under PPHPU. Read more.
