XPAC Acquisition priced its IPO of 20 million units at $10 each. Units trade on the Nasdaq under XPAXU. Each consists of one share and one-third of one redeemable warrant. Each whole warrant is exercisable at $11.50 per share.
Once the units begin separate trading, shares and warrants are expected to list under XPAX and XPAXW.
The company is sponsored by XPAC Sponsor, an affiliate of XP Inc., a technology-driven platform and provider of financial products and services in Brazil.
The SPAC is led by CEO and Chairman Chu Chiu Kong, CIO Guilherme Teixeira and CFO Fabio Kann. XPAC intends to focus on businesses located in Brazil that are preferably in, but not limited to, the healthcare, financial services, education, consumer goods and retail and technology sectors.
Citigroup is sole book-running manager. XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. acted as financial advisor. The underwriters hacve an over-allotment option to purchase up to an additional 3 million units. Read more.
