Lakeshore Acquisition I closed its IPO of 5 million units at an offering price of $10 per unit.
Each consists of one ordinary share and three-quarters of one redeemable warrant, with whole warrants exercisable at $11.50 for a share. Units trade 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.
Craig-Hallum Capital Group and Roth Capital Partners were 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 over-allotments, if any.
The new SPAC said its efforts to identify a prospective target business will not be limited to a particular industry or geographic location. Read more.
