Proficient Alpha Acquisition, a blank check company targeting a financial services business in China, raised $100 million by offering 10 million units at $10, as expected. Each unit consists of one share of common stock, one warrant to purchase one share of common stock at $11.50 per share, and one right to receive one-tenth of one share upon the consummation of the company’s initial business combination. The SPAC is led by co-CEOs Kin Sze and Wei Fan.
Proficient Alpha Acquisition plans to list on the Nasdaq under the symbol PAACU. I-Bankers Securities acted as a lead manager on the deal, with EarlyBirdCapital acting as co-manager.
