Lakeshore Acquisition I priced its IPO of 5 million units at $10 each. A unit consists of one ordinary share and three-quarters of one redeemable warrant, with whole warrants exercisable at $11.50.
Units begin trading today on the Nasdaq under LAAAU. Once the securities comprising the units begin separate trading, shares and warrants are expected to trade under LAAA and LAAAW, respectively.
The offering is expected to close June 15.
Craig-Hallum Capital Group and Roth Capital Partners are joint book-running managers for the offering. The underwriters have a 45-day option to purchase up to 750,000 additional units at the initial public offering price to cover any over-allotments.
The new SPAC said its efforts to identify a prospective target business will not be limited to a particular industry or geographic location.
Lakeshore is led by CEO and Chairman Deyin (Bill) Chen, who has been an independent advisor for merger and acquisition and equity transactions since August 2015. Since February 2020, he has served as a special advisor for Newborn Acquisition. Read more.
