Copley Acquisition, a particular goal acquisition firm (SPAC) backed by Hong Kong-based funding corporations Pacific Aegis Capital Administration (PACM), Gobi Companions and Hermitage Capital, plans to lift US$150 million on the New York Inventory Change (NYSE).
The SPAC priced its preliminary public providing (IPO) of 15 million models at US$10 every, in line with its submitting to the US Securities and Change Fee on Friday.
The itemizing of the SPAC might be in February 2025, topic to regulatory approval. The proceeds will likely be used to mix with merger targets within the know-how and way of life sectors in North America and Asia-Pacific, excluding China.
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“We’re eyeing alternatives supported by the fairness market pickup, particularly when the brand new [US] administration takes workplace subsequent yr,” Francis Ng, co-CEO of Copley, mentioned on Monday. “The listed SPAC ought to be capable of profit from the market momentum subsequent yr.”
Francis Ng, the co-CEO of Copley Acquisition, was the president and CFO of Black Spade Acquisition when it accomplished a US$23 billion merger with VinFast Auto in August 2023. Photograph: AFP alt=Francis Ng, the co-CEO of Copley Acquisition, was the president and CFO of Black Spade Acquisition when it accomplished a US$23 billion merger with VinFast Auto in August 2023. Photograph: AFP>
Copley mentioned within the submitting that the know-how and way of life industries, notably these which are main beneficiaries of next-generation know-how, present “ample enterprise mixture alternatives”.
Co-CEO Chibo Tang is a managing associate at Gobi Companions, a enterprise capital agency primarily based in Hong Kong and Kuala Lumpur with US$1.6 billion in belongings beneath administration. Gobi invests in sectors together with synthetic intelligence (AI), fintech, client, healthcare and sustainability.
Copley’s CFO and president Menghan Henry Zhang is the president and managing associate of Hermitage Capital, a tech-focused non-public fairness agency with US$1 billion of belongings beneath administration. The agency’s investments embody autonomous driving options supplier Horizon Robotics, AI sensible manufacturing supplier SmartMore and AI drug discovery firm XTalPi.
Copley will deal with sectors reminiscent of electrical autos, robotics and cybersecurity, and way of life companies, which contain luxurious attire, wellness and journey.
