Energy Cloud I Acquisition registered to offer 7.5 million units at $10 each.
A unit consists of one share, one half of one right and a warrant. Each whole right is good for one-tenth of a share. Whole warrants may be redeemed for a share at $11.50.
The new SPAC will seek mid-market companies with an enterprise value between $200 million and $800 million, high growth potential and that have strategic significance to the Asia economy.
Chairman and CEO Qingxun (Kenn) Kong founded several companies, including VS Group, VHudong, Geekbeans Capital and ChainPlusOne.
EF Hutton is sole book-running manager. At their option, the underwriters may purchase up to an additional 750,000 units to cover over-allotments, if any.
The SPAC said it will apply for a Nasdaq listing under ECOAU. Read more.
