AI Transportation Acquisition increased its initial public offering by 20% to price 6 million units at $10 each. The SPAC originally registered in March to offer 5 million units.
Units began trading today on the Nasdaq Global under the ticker symbol AITRU. Each consists of one share and a right to receive one-eighth of a share upon completion of a business combination.
Once the securities begin separate trading, shares and rights are expected to list under the symbols AITR and AITRR.
The SPAC intends to acquire a business focused in the AI transportation industry, specifically on logistics, new energy vehicles, smart parking, on-board chips, AI algorithms, automotive services, and other types of “intelligent transportation.”
EF Hutton is sole book-running manager. Read more.
