AI Transportation Acquisition (NASDAQ: AITRU) closed its initial public offering of 6 million units. Each consists of one share and a right to receive one-eighth of a share upon consummation of an initial business combination.
Of the proceeds from the IPO and a simultaneous private placement of 277,750 units at $10 each, for an aggregate purchase price of $2,777,500, the SPAC deposited $60.6 million into trust. The underwriter has been granted a 45-day option to purchase up to an additional 900,000 units offered by the company to cover over-allotments, if any.
The SPAC intends 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.” Read more.
