AGBA Acquisition, a blank check company targeting the services sector in China, raised $40 million by offering 4 million units at $10, where it commands a market value of $52 million.
The units consist of one share of common stock, one warrant, and one right to receive an ordinary share upon the consumption of the business combination. Two warrants are needed to to purchase a share at $11.50, and 10 rights are needed to receive a share.
AGBA Acquisition has begun trading on the Nasdaq under the symbol AGBAU. Maxim Group LLC acted as a lead manager on the deal.
