Gobi Acquisition in an 8-K filing said on July 1 it closed its IPO of 25 million shares priced at $10 each, 20 million shares of which were purchased by PAG Investment, an affiliate of PAG and the sole member of PAG Investment.
PAG is one of Asia’s largest private investment management groups with approximately $40 billion AUM. The group had previously announced its intent to purchase up to $200 million in the SPAC’s shares.
No warrants were included in the offering.
The SPAC’s shares opened today on the Nasdaq under GOBI, trading at $9.10.
Hong Kong-based Gobi is led by CEO, CFO and director Jack Li, a managing director and founding member of PAG’s private equity strategy.
Citigroup, Goldman Sachs and UBS were joint book-runners on the offering. The underwriters have an option to purchase up to 3.75 million additional shares to cover any over-allotments. Read more.