Hong Kong-based PSI Group Holdings and AIB Acquisition announced that they have entered into a business combination agreement at a pre-money enterprise value of approximately $200 million. The target is a global logistics service provider specializing in cross-border air freight services.
If approved, upon closing both the SPAC and PSI would become wholly-owned subsidiaries of a newly incorporated Cayman Islands company, PS International Group, which would list on the Nasdaq.
AIB raised $86.25 million in a January IPO, with plans at that time to pursue companies in the fintech sector. The SPAC in its initial S-1 filing said it would exclude any business in China and Hong Kong. Read more.
