Alpha Star Acquisition registered with the SEC to offer 10 million units at $10 each. A unit consists of one ordinary share, one right to receive one-tenth of an ordinary share upon the consummation of a business combination and one redeemable warrant. Whole warrants are exercisable at $11.50 for a share.
The new SPAC will focus on acquiring a business in Asia, although the company did not specify any sectors.
Alpha Star is led by Chairman, CEO and Director DR. Zhe Zhang, who was previously an independent director of TKK Symphony Acquisition Corporation. Since May 2013, Zhang has been a founding partner of SIFT Capital, an asset manager licensed by the Securities and Futures Commission of Hong Kong and the China Securities Regulatory Commission.
Ladenburg Thalmann is sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to an additional 1.5 million units to cover any over-allotments.
The SPAC has applied to list on the Nasdaq but has not yet selected a ticker symbol. Read more.