SPAC United Acquisition I prices $100 million IPO; led by Paul Packer, whose previous SPAC merged with Forafric
IPO Overview
United Acquisition I, a blank check company led by Globis Capital Advisors founder Paul Packer, raised $100 million by offering 10 million units at $10. Each unit consists of one ordinary share and one-quarter of one warrant, exercisable at $11.50 per share.
United Acquisition I is led by CEO, CFO, and Chairman Paul Packer, the founder and Managing Member of Florida-based investment advisory firm Globis Capital Advisors. He previously served as Chairman of The United States Commission for the Preservation of America’s Heritage Abroad, a position to which he was first appointed by President Trump.
Packer also previously served as CEO, CFO, and Director of SPAC Globis Acquisition, which raised $100 million in a 2020 IPO before merging with Moroccan milling company Forafric （AFRI; flat from $10 offer price） in June 2022.
The SPAC plans to target companies that are sector leaders in their product category, have experienced management teams, and technological or brand competitive advantage, among other characteristics.
United Acquisition I plans to list on the NYSE American under the symbol UACU. Lucid Capital Markets and Chardan Capital Markets acted as joint bookrunners on the deal.
About the Company
We are a newly organized blank check company or special purpose acquisition company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses. Our efforts to identify a prospective initial business combination target will not be limited to a particular industry, sector or geographic region. While we may pursue an initial business combination opportunity in any industry or sector, we have identified the following criteria for evaluating potential target businesses. Although we may decide to enter into our initial business combination with a target business that does not meet the criteria described below, it is our intention to acquire companies that we believe: are sector leaders in their product category or have the potential to be dominant competitors in their sectors; have experienced management teams and corporate governance, reporting, and control systems ready to comply with the requirements of a public listing; have technological or brand competitive advantage; have underexploited growth opportunities which our team is positioned to help them achieve; and will offer attractive return on investment for our shareholders.