WASHINGTON (dpa-AFX) - SPACCircle Acquisition Corp. (SCQCU), a special purpose acquisition company, on Monday announced that it priced its initial public offering of 10 million units at $10 per unit, raising $100 million.
The offering is expected to close on October 28.
The company has granted the underwriters a 45-day option to purchase up to an additional 1.5 million units at $10 per unit to cover over-allotments, if any.
The company said each unit consists of one Class A ordinary share, one redeemable warrant and one right to receive half of one Class A ordinary share upon completion of an initial business combination.
Each warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share.
The units will trade on the Nasdaq Global Market under the symbol SCQCU.
Once the securities begin separate trading, the Class A ordinary shares, warrants and rights are expected to trade under the symbols SCQC, SCQCW and SCQCR, respectively.
The company said it intends to pursue a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
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