Global SPAC Partners, a blank check company targeting businesses in MENA and South Asia, raised $160 million by offering 16 million units at $10. The company offered 4 million fewer units than anticipated. Each unit consists of one subunit and one-half of a warrant, exercisable at $11.50. Each subunit consists of one share of common stock and one-quarter of a warrant. Anchor investors Glazer Capital, Sea Otter Securities Group, and Mint Tower Capital Management had indicated on $50 million worth of units in the offering.
The company is led by Chairman Jayesh Chandan, the founder and Managing Partner of KASS Capital, and CEO and Director Bryant Edwards, a former Partner at Latham & Watkins and former COO of SPAC Twelve Seas Investment, which went public in June 2018 and completed its combination with Brooge Holdings (BROG; +3% from $10 offer price) in October 2019. While it has not selected a focus industry yet, Global SPAC Partners plans to target businesses in the Middle East and North Africa (MENA) or South and Southeast Asian regions with predictable cash flow generation, high barriers to entry, and strong balance sheets, among other characteristics.
Global SPAC Partners plans to list on the Nasdaq under the symbol GLSPU. I-Bankers Securities acted as a lead manager on the deal.
