AI Transportation Acquisition in an amended S-1 said the 5 million units it plans to offer at $10 each will now consist of one share and one right to receive one-eighth of a share upon completion of a merger.
The original registration filed in March listed units as consisting of one share, three-quarters of a warrant and one right to receive one-tenth of a share.
CEO, Chairman and Executive Director Yongjin Chen resides in Beijing, China, and brings more than two decades of experience in finance and technology, according to the filing. He is a partner at UniTHU Capital (Beijing) Investment Management, where he has served since July 2017.
AI Transportation may target a business anywhere, including mainland China, Hong Kong and Macao.
The SPAC intends to search for a target business in the transportation field, including logistics, new energy vehicles, smart parking, on-board chips and AI algorithms, automotive services and related areas of intelligent transportation.
EF Hutton is sole bookrunner for the offering.
The SPAC still intends to apply for a Nasdaq listing under the symbol AITRU.
