JVSPAC Acquisition priced its initial public offering of 5 million units at $10 each. A unit consists of one share and one right for one-fourth of a share upon completion of a merger.
Units begin trading today on the Nasdaq under the ticker symbol JVSAU. Once the securities begin separate trading, shares and rights will list under the symbols JVSA and JVSAR.
The new SPAC intends to target companies “that are at the intersection of the lifestyle sectors and technology,” according to the registration. The focus is on companies with an enterprise value of between $100 million and $600 million.
Chairman and CEO Albert Wong since 2010 has been the CEO and director of Kingsway Group Holdings, a distribution conglomerate with luxury products including yachts, automotive and prestige lifestyle solutions. Kingsway is the sole distributor of Lamborghini in Hong Kong, Macau and Guangzhou.
Maxim Group is sole book-running manager for the offering.
The SPAC has granted the underwriter a 45-day option to purchase up to 750,000 additional units at the initial public offering price less the underwriting discount to cover over-allotments, if any. The offering is expected to close Jan. 23. Read more.
