Gian Oak Acquisition in an amended S-1 today announced it will now offer 6 million units at $10 each. That’s down from the last amended registration in January for a $100 million offering. The SPAC initially registered to raise $200 million way back in February 2022.
A unit now consists of one ordinary share and one right to receive one-tenth of a share upon the closing of an initial business combination. Warrants have been eliminated from the offering.
Some interesting language in the amended S-1:
The sponsor may extend the SPAC’s deadline from 15 months by up to an additional 6 months.
“The ability to extend the time frame is contingent upon our sponsor depositing the required amount of funds for each monthly extension,” the filing states. “Holders of our securities will not have to right to approve or disapprove any such monthly extension. Further, holders of our securities will not have the right to seek or obtain redemption in connection with any such extension.”
Giant Oak also noted that the sponsor and some board members have significant ties to China.
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.
Chairman and CEO Changjiang (River) Chi was CFOI of Venus Acquisition Corporation, a SPAC that completed its business combination in December 2022.
Ladenburg Thalmann is sole book-running manager of the offering.
Giant Oak has applied to list on the Nasdaq under the symbol GOSCU. Read more.
