SPK Acquisition priced its IPO of 5 million units at $10 each. Units begin trading today on the Nasdaq under SPKAU. Each consists of one share of common stock and one right to receive one-tenth of a share of common stock upon the completion of a merger. Once the securities comprising the units begin separate trading, common stock and rights will list under SPK and SPKAR, respectively.
Chardan acted as the sole book-running manager in the offering. The underwriters have a 45-day option to purchase up to an additional 750,000 units to cover any over-allotments.
The offering is expected to close June 10.
Sponsor SPK Acquisition has committed to purchase 205,000 private units at the IPO price.
Based in Shanghai, SPK intends to target businesses in Asia focused on the TMT sectors. Read more.
