Global SPAC Partners Co. has closed its initial public offering of 16,000,000 units, at $10.00 per unit, resulting in gross proceeds of $160,000,000.
The company’s units began trading on the Nasdaq Capital Market on April 9, under the ticker symbol “GLSPU.” Each unit consists of one subunit and one-half of a redeemable warrant. Each subunit consists of one Class A ordinary share and one-quarter of a redeemable warrant. Each full warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the subunits and warrants are expected to be listed on Nasdaq under the symbols “GLSPT” and “GLSPW,” respectively. Assuming the company consummates an initial business combination, the subunits will separate into the underlying Class A ordinary shares and warrants, while the units and subunits will cease to trade.
Global is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the company may pursue an acquisition in any geography, business industry or sector, it intends to concentrate its efforts on identifying businesses in the Southeast Asia, Middle East and North Africa regions. The company is led by chairman Jayesh Chandan, chief executive officer Bryant B. Edwards, chief operating officer and president Stephen N. Cannon and chief financial officer, Long Long.
I-Bankers Securities Inc. acted as sole manager of the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 2,400,000 units at the initial public offering price to cover over-allotments, if any.