Giant Oak Acquisition registered to offer 20 million units at $10 each. A unit consists of one ordinary share, one right to receive one-tenth of a share upon the closing of an initial business combination, and a warrant.
Sponsor Yolanda Management Corporation has agreed to purchase up to 300,000 units (or 330,000 units if the over-allotment option is exercised in full) at the IPO price.
The sponsor and some members of the SPAC’s board have significant business ties to or are based in China and Hong Kong. Giant Oak said it may consider a business combination with an entity or business with a physical presence or other significant ties to China or Hong Kong.
Giant Oak plans to draw on the management team’s experience to target a range of companies, including those with a connection to the Asian markets.
Chairwoman and CEO Lei Zhang has been an Advisor at Ivy Capital since January 2019, providing consulting services for start-up companies to improve their operations, sales, and strategies. CFO Changjiang (River) Chi also serves as the Chief Financial Officer of Venus Acquisition, a SPAC that completed its public offering in February 2021.
Ladenburg Thalmann is sole book-running manager of the offering.
Giant Oak said it has applied to list on the Nasdaq under the symbol GOSCU. Read more.
