AI Transportation Acquisition Corp. (AITRU) Prices Upsized $60M IPO


AI Transportation Acquisition Corp. (AITRU) Prices Upsized $60M IPO

AI Transportation Acquisition Corp. (Nasdaq: AITR) announced the pricing of its upsized $60 million IPO this evening. Its units are expected to begin trading on the Nasdaq under the symbol “AITRU” on Thursday, November 9, 2023. After the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “AITR” and “AITRR,” respectively.

The company intends to focus its search for a target business in the transportation field, including but not limited to logistics, new energy vehicles, smart parking, on-board chips and AI algorithms, automotive services and related areas of intelligent transportation. AI Transportation is led by its CEO and Chairman Yongjin Chen and CFO Yun Wu.

Total SPAC deal count for 2023 year-to-date is now 26. This offering is expected to close on Friday, November 10, 2023.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager in the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-manager in the offering. Rimon, P.C. is serving as Issuer’s Counsel with Loeb & Loeb LLP serving as Underwriter’s Counsel. MaloneBailey, LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.