Lakeshore Acquisition II, the second blank check company formed by the CEO of Shanghai Renaissance Investment Management, filed on Friday with the SEC to raise up to $60 million in an initial public offering.
The New York, NY-based company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, the right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Lakeshore Acquisition II would command a market value of $79 million.
Lakeshore Acquisition II is led by CEO, CFO, and Chairman Bill Chen, the CEO of Shanghai Renaissance Investment Management and CEO and Chairman of Shanghai-based Lakeshore Acquisition I. The company's prospective target business will not be limited to a particular industry. Unlike his prior SPAC, Lakeshore II states that it will not target a business combination in China or Hong Kong.
Management's previous SPAC, Lakeshore Acquisition I (LAAAU; +0% from $10 offer price), listed on the Nasdaq in June 2021.
Lakeshore Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol LBBBU. The company filed confidentially on July 13, 2021. Network 1 Financial Securities is the sole bookrunner on the deal.
