Trinity Acquisition, a blank check company targeting consumer lifestyle businesses with China potential, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The Hong Kong, China-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Trinity Acquisition will command a market value of $313 million.
The company is led by Chairman Li Ning, who founded the Li-Ning brand and serves as Executive Chairman and Joint CEO of Li Ning Co. He is joined by Co-CEO, CFO, and Director Daniel Kar Keung Tseung, who founded LionRock Capital in 2011 and serves as Managing Director, and Co-CEO and Director David Tse Young Chou, who previously was Co-Head of the Asian Special Situations Group and a member of the Global Special Situations Group Investment Committee at Goldman Sachs. Trinity Acquisition intends to focus on global consumer lifestyle companies with compelling China potential, which can benefit from management's expertise and capabilities in order to create long-term shareholder value.
Trinity Acquisition was founded in 2021 and plans to list on the NYSE under the symbol TRNY.U. It filed confidentially on February 8, 2021. Goldman Sachs (Asia) is the sole bookrunner on the deal.
