SPAC led by Singapore-based businessman raises US$86.3m in Nasdaq IPO

SPECIAL purpose acquisition company (SPAC) 8i Acquisition 2 Corp began trading on the US Nasdaq stock exchange on Nov 22 after raising US$86.3 million in its initial public offering, it said on Thursday (Nov 25).

Proceeds were raised from some 8.63 million units at an offering price of US$10 per unit, which also includes the 1.1 million units issued from the full exercise of the underwriter's over-allotment option.

Each unit consists of 1 ordinary share, 1 warrant to purchase half of an ordinary share, and a right to receive one-tenth of an ordinary share, upon the start of the company's initial business combination.

Singapore-based James Tan Meng Dong is the chief executive officer and director of 8i Acquisition 2 Corp as well as other entities of the 8i group including 8i Capital, 8i Holdings and 8i Enterprises.

According to the group's website, Tan has more than 25 years of experience in managing private and public companies based in Asia and the US. In 2019, the 8i group first launched and listed its SPAC on the Nasdaq. 8i Enterprises Acquisition Corp raised US$50 million in its listing.

8i Acquisition 2 Corp is a newly organised blank cheque company incorporated in the British Virgin Islands.

Maxim Group LLC was the sole book-running manager for the offering.

Units of 8i Acquisition 2 Corp closed up US$0.024 or 0.2 per cent at US$10.16 on Nov 24.

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