Hainan Manaslu Acquisition closed its initial public offering of 6.9 million units, including 900,000 units issued pursuant to the exercise by the underwriter of its over-allotment option. The SPAC banked $69 million from the offering.
Units trade on the Nasdaq under the symbol HMACU. Each consists of one ordinary share, a warrant and one right. Warrants are exercisable for a share at $11.50. Each right entitles the holder to one-tenth of a share upon completion of a merger. Once the securities begin separate trading, shares, warrants and rights are expected to list under the symbols HMAC, HMACW and HMACR.
Ladenburg Thalmann & Co. was sole book-running manager.
Hainan Manaslu intends to focus on high growth industries, but will exclude any business with China operations. Read more.
