Greenland Acquisition Corporation Pricing $40 Million IPO Tonight

IPO Ahead

Greenland Acquisition Corporation Pricing $40 Million IPO Tonight

Jul 24, 2018 INTEL by Kristi Marvin

Greenland Acquisition Corporation, filed their CERT this afternoon and should be pricing their IPO tonight for trading Wednesday.

The $40 million Greenland, which is focused on businesses primarily located in China, will be the second SPAC to price this July.  However, it is anticipated that Tottenham Acquisition I Limited will follow closely and price next week. Both Greenland and Tottenham are being underwritten by Chardan, as sole bookrunner.  Greenland’s summary of terms below:

Deal Terms:

  • Sector Focus: China
  • $10.00 unit comprised of one ordinary share, one right and one warrant to purchase 1/2 share
  • Each right entitles the holder to receive one-tenth (1/10) of one share 
  • 100% held in trust ($10.00 per share or up to $10.30 per share if all three extensions are exercised)
  • 12 months to complete an acquisition (plus three 3-month extensions with $0.10/share to be deposited in trust)
  • Warrant call for redemption price: $16.50
  • Sponsors and Chardan (the Underwriters) to purchase 270,000 Private Placement Units at $10.00 to bring the trust to 100% (Founders – 250,000 units / Chardan – 20,000)
  • Underwriter fees: 3.0% + 4.0% deferred fee.  Chardan is sole book-runner.