AIB Acquisition, a blank check company led by the CEO of American International Bank targeting fintech, raised $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one right to receive 1/10 of a share upon the consummation of an initial business combination.
AIB Acquisition is led by Chairman Axel Hoerger, the former CEO of Lombard International Assurance, and CEO and Director Eric Chen, co-founder and CEO of American International Bank. The company aims to leverage management's expertise to target fintech companies that do not have substantial operations in China or Hong Kong.
AIB Acquisition plans to list on the Nasdaq under the symbol AIBBU. Maxim Group LLC acted as sole bookrunner on the deal.
