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Greencity Acquisition Corporation Prices $40M SPAC IPO


Greencity Acquisition Corporation Prices $40M SPAC IPO

Jul 23, 2020 INTEL by Kristi Marvin

Greencity Acquisition Corporation (GRCYU), announced the pricing of their $40 million IPO this evening and the units are expected to begin trading tomorrow, Friday, July 24th, under the symbol Nasdaq: GRCYU.

Greencity intends to pursue businesses that have a connection to the Asian market and will be led by Jinlong Liu, as Chairman, and Ming Zhang, as Chief Executive Officer.

Total SPAC deal count for 2020 year-to-date is now 49 with $18.643 billion in gross proceeds raised. The offering is anticipated to close on Tuesday, July 28, 2020.

Ladenburg Thalmann & Co. Inc. is acting as book-running manager and Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-manager for the offering. Ellenoff Grossman & Schole LLP and Kramer Levin Naftalis & Frankel LLP, were Issuer’s Counsel and Underwriter’s Counsel, respectively. Marcum LLP, acted as auditor.