Model Performance Acquisition priced its IPO of 5 million units at $10 each. Units begin listing today on the Nasdaq under MPACU. Each consists of one Class A ordinary share, one half of one redeemable warrant, and one right to receive one-tenth of one Class A ordinary share upon the completion of any initial business combination. Whole warrants are exercisable at $11.50.
Once the securities comprising the units begin separate trading, shares, warrants and rights are expected to list under the symbols MPAC, MPACW, and MPACR, respectively.
The SPAC has granted the underwriters a 45-day option to purchase up to an additional 750,000 units at the IPO price to cover any over-allotments.
The offering is expected to close April 12.
The new SPAC seeks to acquire one or more growth businesses in Asia with a total enterprise value of between $200 million and $600 million. Read more.
