Special purpose acquisition company (SPAC) 8i Acquisition 2 closed its initial public offering today on Nasdaq, raising US$86.3 million in the process. This is over US$10 million more than what it initially planned to raise on the US exchange.
8i Acquisition 2 CEO and director James Tan Meng Dong / Photo credit: 8i Acquisition 2
Priced at US$10 per share, the firm sold 8.6 million shares, which was over a million more than its originally intended 7.5 million shares. However, the company had granted 1.12 million additional shares to be exercised as an over-allotment option.
Once the company is listed on Nasdaq, it will trade under the symbol LAX.
James Tan Meng Dong is the CEO and director of the blank-check firm. He has over 25 years of experience with public and private companies in the US and Asia.
Incorporated as a British Virgin Islands business company, 8i Acquisition 2 is a SPAC formed to merge with one or more businesses or entities. It will invest in Asian companies with enough foothold to scale across multiple countries.
Editing by Collin Furtado and Lorenzo Kyle Subido
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