AIB Acquisition Corporation *
PROPOSED BUSINESS COMBINATION: PS International Group Ltd
ENTERPRISE VALUE: $XYZ million
ANTICIPATED SYMBOL: XYZ
AIB Acquisition Corporation proposes to combine with PS International Group Ltd.
PSI, established in 1993 and headquartered in Hong Kong, is a well-known air freight forwarding specialist offering global logistics and supply chain services. Its clientele spans various industries, including postal operators, e-Commerce merchants, and individual senders and receivers. The company operates globally through its subsidiaries, Profit Sail Int’l Express (H.K.) Limited and Business Great Global Supply Chain Limited. Managed by professionals with over three decades of combined experience in logistics and air/ocean freight, PSI leverages Hong Kong’s strategic location as a major logistic hub in Asia. This allows for comprehensive solutions encompassing ocean, air, and land logistics. PSI’s commitment to investing in smart supply-chain platforms positions it favorably to capitalize on the rapidly growing cross-border e-Commerce market.
TRANSACTION
- The Business Combination values PSI at a total pre-money enterprise value of approximately US$200 million.
- The boards of directors of both PSI and AIB have unanimously approved the Business Combination, which is expected to be completed in the first quarter of 2024
SPAC FUNDING
- There is no additional funding at this time.
LOCK-UP
- Company and Sponsor
- 6 months from the Closing Date.
NOTABLE CONDITIONS TO CLOSING
- AIB having at least $5,000,001 in net tangible assets as of the Closing, after giving effect to the completion of the Redemption and any private investment in public entity (PIPE) financing that has been funded
NOTABLE CONDITIONS TO TERMINATION
- The Business Combination Agreement may be terminated at any time prior to the Closing by either AIB or the Company if the Closing does not occur by June 30, 2024.
ADVISORS
- Company
- China & Partners is serving as exclusive financial advisor.
- Cooley LLP is serving as U.S. legal advisor.
- Ogier is serving as Cayman Islands legal advisor.
- SPAC
- Maxim Group LLC is serving as exclusive advisor.
- Ellenoff Grossman & Schole LLP is serving as U.S. legal advisor.
- Yin Xu & Co. is serving as Hong Kong legal advisor.
- Collas Crill is serving as Cayman Islands legal advisor.
EXTENSION – 10/24/23 – LINK
- The SPAC approved the monthly extension from October 21, 2023 to January 21, 2025 at a per-share redemption price of approximately $11.21
- The Company will deposit $50,000 per month into the Trust Account
- 16,501 shares were redeemed.
EXTENSION – 1/23/23 – LINK
- The SPAC approved the monthly extension from January 21, 2023 to October 21, 2023 at a per-share redemption price of approximately $10.27
- The Company will deposit $50,000 per month into the Trust Account
- 7,623,698 shares were redeemed.
MANAGEMENT & BOARD
Executive Officers
Eric Chen, 47
Chief Executive Officer, Chief Financial Advisor, Director
Since 2015, Mr. Chen has been the CEO of American International Bank (“AIB”) in New York, NY. From 2008 to 2014, Mr. Chen served as Senior Vice-President of Macquarie Group Limited in Beijing, China. From 2003 to 2008, he served as Vice-President (Global Special Situations Group) of Citigroup Hong Kong. Mr. Chen worked as a Specialist (Asset Management Department) of Taiwan Asset Management Corporation (TAMCO) from 2002 to 2003. Mr. Chen received his Master of Science degree in Actuarial Science from Boston University in 2000 and Bachelor of Arts in Administrative and Commercial Studies from University of Western Ontario in 1995.
Board of Directors
Axel Hoerger, 54
Chairman of the Board
He served as CEO of Lombard International Assurance, Luxembourg from February 2016 to 2021. He served as CEO UBS Deutschland AG and Head One Market Wealth Management Germany & Austria from 2011 to March 2015. From June 2010 to 2011, he served as CEO Wealth Management of UBS Deutschland AG. From 2009 to March 2010, he served as Head of Institutional Sales for Goldman Sachs Asset Management in EMEA. From 1994 to 2009, Mr. Hoerger served in various leadership positions at Goldman Sachs Investment Management. Mr. Hoerger received his Master of Business Administration from Johann Wolfgang Goethe University in 1993.
David Adelman, 57
Independent Director
David Adelman is an American lawyer, diplomat, and legislator. He is currently the Managing Director and the General Counsel of KraneShares. He was the United States Ambassador to the Republic of Singapore from 2010 to 2013 during the Obama-Biden Administration. He was a partner in the global law firm Reed Smith LLP working out of the firm’s New York office. Mr. Adelman is a former Managing Director of Goldman Sachs. He is an Independent Non-Executive Director of Noble Group Holdings, private equity firm Olympus Capital and merchant bank Ion Pacific. Mr. Adelman is a Trustee of the National Committee on American Foreign Policy and a member of the Council on Foreign Relations and the Advisory Board of the Israel-Asia Center. He is an Adjunct Professor at New York University where he teaches international relations of the Asia-Pacific region at the graduate level. Mr. Adelman received his J.D. from Emory University where he is a recipient of the Emory Medal. He earned an M.P.A from Georgia State University and B.A. from the University of Georgia.
Merry Tang, 61
Independent Director
Merry Tang has been an Independent Director and Audit Committee Chair for Ever-Glory International Group, Inc. (Nasdaq: EVK) since August 2011, China Sungery Co., Ltd. (Nasdaq: CSUN) from June 2008 to July 2017, and Jakroo, Inc. (OTC: JKRO) from October 2017 through November 2019. She has been the managing partner of GZTY CPA Group, LLC since February 2008 and the Senior Auditor of PricewaterhouseCoopers LLP from September 2004 to August 2006. From September 1996 to August 2004, she served as the Finance Manager at Lucent Technologies, Inc. and from May 1993 to September 1996, she was Assistant Director of Cash and Investment Division with the State Government of New York. Ms. Tang graduated from the Central University of Finance & Economics, Beijing, China with a bachelor’s degree in banking in 1983 and a master’s degree in finance in 1986, before going on to receive her master’s degree in accounting from the State University of New York at Albany in 1993.
David Knower, 60
Independent Director
David Knower has been a Partner and Head of Cerberus Deutschland Beteiligungsberatung GmbH since 2003. Prior to this, Mr. Knower was the Owner and Managing Director of Invenimus, an International Consulting Firm headquartered near Frankfurt, Germany. Before starting his own company, Mr. Knower worked at Procter & Gamble Co. for 11 years, where he started his professional career in Germany in 1986. After 9 years in Finance and Controlling positions, Mr. Knower spent two years managing the Procter & Gamble Germany Fine Fragrance business in Asia Pacific. Mr. Knower received two undergraduate degrees from the University of Massachusetts, (Economics, German) in 1983, as well as being named a Commonwealth Scholar. Mr. Knower received his MBA from the American Graduate School of International Management (Thunderbird), in 1985. Mr. Knower is Vice President and Executive Board Member of the American Chamber of Commerce in Germany, President of the American German Business Club in Frankfurt, Global Board Member Republicans Overseas, Board Member Aspen Institute, Board Member American Institute for Contemporary German Studies, Vice President of the Steuben-Schurz Gesellschaft, and Member of the Board of trustees of “The English Theatre”, in Frankfurt.