Cedarlake Acquisition registered with the SEC to offer 20 million units at $10 each. A unit consists of one Class A ordinary share and one-half of one redeemable warrant, with whole warrants exercisable for a share at $11.50.
Bank of America Securities and Morgan Stanley are co-managers of the offering. The underwriters have a 45-day option to purchase up to an additional 3 million units to cover any over-allotments.
Cedarlake plans to target “China’s fast-growing consumer, technology and mobility sectors.”
The new SPAC is led by Chairman and CEO Yi Bao, the founder and chairman of Cedarlake, which he grew into a $2.4 billion platform within five years, according to the S-1 filing.
The SPAC intends to apply for a listing on the NYSE under CEDA.U. Read more.
