NEW YORK and SHANGHAI,
Oct. 20, 2015 /PRNewswire/ -- Pacific Special Acquisition
Corp. (Nasdaq: PAACU) ("Pacific" or the "Company"), a company
formed for the purpose of entering into a merger, share exchange,
asset acquisition or other similar business combination with one or
more businesses or entities, today announced the closing of its
initial public offering of five million units at a price to the
public of $10.00 per unit, with the
offering raising gross proceeds of $50,000,000. The units commenced trading on
Thursday, October 15, 2015, on The
NASDAQ Capital Market ("Nasdaq") under the symbol "PAACU." Each
unit issued in the initial public offering consists of one ordinary
share, one right to receive one-tenth of an ordinary share on
the consummation of an initial business combination, and one
warrant to acquire one-half of one ordinary share at a price of
$12.00 per full share. Once the
securities comprising the units begin separate trading, the
ordinary shares, warrants and rights are expected to be traded on
Nasdaq under the symbols "PAAC," "PAACW" and "PAACR,"
respectively.
EarlyBirdCapital, Inc. acted as sole book-running manager for
the offering and I-Bankers Securities, Inc. acted as co-manager for
the offering. Pacific has granted the underwriters a 45-day option
to purchase up to 750,000 additional units to cover
over-allotments, if any.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of units,
$52,000,000 (or $10.40 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of
October 20, 2015 reflecting receipt
of the proceeds upon consummation of the initial public offering
and the private placement will be included as an exhibit to a
Current Report on Form 8-K to be filed by the Company with the
Securities and Exchange Commission.
Ellenoff Grossman & Schole LLP acted as U.S. counsel to the
Company, Ogier acted as British Virgin
Islands counsel to the Company and Graubard Miller acted as
counsel to the underwriters.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
October 14, 2015. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, these securities in
any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
This offering was made only by means of a prospectus. Copies of
the prospectus relating to this offering may be obtained by
contacting EarlyBirdCapital, Inc., 366 Madison Avenue,
8th Floor, New York, New
York 10017. Copies of the registration statement can be
accessed through the SEC's website at www.sec.gov.
About Pacific
Pacific is a blank check company, also commonly referred to as a
Special Purpose Acquisition Company, or SPAC, formed for the
purpose of acquiring, engaging in a share exchange, share
reconstruction and amalgamation, purchasing all or substantially
all of the assets of, entering into contractual arrangements, or
engaging in any other similar business combination with one or more
businesses or entities. The Company's efforts to identify a target
business will not be limited to a particular industry or geographic
region, although it intends to focus efforts on seeking a business
combination with a company or companies that have their primary
operations located in Asia, with
an emphasis on China. Pacific is being sponsored by Zhengqi
International Holding Limited, a subsidiary of Pacific Securities
Co. Ltd.
Forward-Looking Statements
This press release includes "forward-looking statements" that
are not historical facts, and involve risks and uncertainties that
could cause actual results to differ materially from those expected
and projected. Words such as "expects", "believes", "anticipates",
"intends", "estimates", "seeks" and variations and similar words
and expressions are intended to identify such forward-looking
statements. Such forward-looking statements relate to future events
or future performance, but reflect Pacific
management's current beliefs, based on information currently
available. A number of factors could cause actual events,
performance or results to differ materially from the events,
performance and results discussed in the forward-looking
statements. For information identifying important factors that
could cause actual results to differ materially from those
anticipated in the forward looking statements, please refer to the
Risk Factors section of Pacific's final prospectus for its offering
filed with the Securities and Exchange Commission. Except as
expressly required by applicable securities law, the Company
disclaims any intention or obligation to update or revise any
forward looking statements whether as a result of new information,
future events or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pacific-special-acquisition-corp-completes-50000000-initial-public-offering-300162747.html
SOURCE Pacific Special Acquisition Corp.