SPAC Vernal Capital Acquisition prices $100 million IPO, targeting businesses in APAC
IPO Overview
Vernal Capital Acquisition, a blank check company targeting businesses in the APAC region, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, and one right to receive one-fourth of one share at the time of the business combination.
Vernal Capital Acquisition is led by CEO and Chairman Jun Du, the founder and CEO of Vernal and ABCDE Capital, and the co-founder of Chainup Technic. He is joined by CFO and Director Binghan Yi, who previously served as head of existing portfolio management at Munich Re. The SPAC plans to focus on companies located in China, including Hong Kong and Macau.
The New York, NY-based company will trade on the NYSE under the symbol VECAU. D. Boral Capital acted as sole bookrunner on the deal.
About the Company
We will seek to leverage our management team’s proprietary network of relationships with corporate executives, private equity, venture and growth capital funds, investment banking firms and consultants in order to source, acquire, and support the operations of the business combination target. We believe we will benefit from their accomplishments, and specifically, their current activities, in identifying attractive acquisition opportunities. However, there is no assurance that we will complete a business combination. Our officers and directors have no prior experience consummating a business combination for a “blank check” company. We believe that we will add value to these businesses primarily by providing them with access to the U.S. capital markets. We have not identified any particular geographical area or country in which we may seek a business combination. However, our sponsors and members of our Board of Directors and management have significant business ties to and are based in China. We may consider a business combination with an entity or business with a physical presence or other significant ties to China, including Hong Kong and Macao, which may subject the post-business combination business to the laws, regulations and policies of China. Any target for a business combination may conduct operations through subsidiaries in China.