HONG KONG (dpa-AFX) - ARC Group Securities LLC, a privately held broker-dealer, Tuesday announced that its special purpose vehicle, ARC Group Securities Acquisition I Units (FJDIU), a blank check company incorporated in Cayman Islands priced its initial public offering of 10,500,000 units at a price of $10.00 per unit.
The units are expected to be listed for trading on the Nasdaq Stock Market under the ticker symbol FJDIU beginning August 4. Each unit consists of one class A ordinary share and one redeemable warrant of the Company, and one right to receive one-fourth of one Class A ordinary share upon the consummation of an initial business combination.
Each warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share.
Once the securities comprising units begin separate trading, the company surmises that its class A ordinary shares, warrants and rights will be listed on the Nasdaq Stock Market under the symbols FJDI, FJDIW and FJDIR, respectively.
ARC Group Securities LLC acted as Lead Left Bookrunner and as representative of the underwriters of this offering.
The offering is expected to close on August 5.
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