Pacific Special Acquisition, a blank check company formed by Pacific Securities to acquire a business in China, filed and set terms for its IPO on Monday.
Headquartered in New York, NY, the company plans to raise $50 million by offering 5 million units at a price of $10 per unit. At the that price, Pacific Special Acquisition would command a fully diluted market value of $66 million.
Sponsor Pacific Securities is a publicly-traded investment bank and asset manager based in China (Shanghai Stock Exchange: 601099).
Pacific Special Acquisition, which was formed in 2015, plans to list its units on the Nasdaq under the symbol PAACU. EarlyBird Capital is the sole bookrunner on the deal. IPO timing has not been determined.
