Renewable Energy Acquisition registered to offer 7.5 million units at $10 each.
A unit consists of one share, one redeemable warrant and one right. Two warrants are redeemable for one share at $11.50. Ten rights entitle the holder to receive one share.
Renewable Energy Acquisition is particularly focused on solar power, electric vehicle and battery storage sectors.
The new SPAC is led by CEO and Chairman Xiaofeng Peng, who has been a director and executive chairman of SPI Energy Co., Ltd. since 2011 and CEO since 2016.
Maxim is sole book-running manager of the offering. A purchase option of 1.125 million units is granted to the underwriters to cover over-allotments, if any.
The SPAC has applied to list on the Nasdaq under REAIU. Read more.
