Maquia Capital Acquisition Corporation, has closed its initial public offering of 16,000,000 units at $10.00 per unit. The units began trading on the Nasdaq Capital Market on May 5, under the ticker symbol “MAQCU.” Each unit consists of one share of the company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “MAQC,” and “MAQCW,” respectively.
The company 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 initial business combination target in any business or industry, it intends to focus its search on technology-focused middle market and emerging growth companies in North America. The company is led by chief executive officer, Jeff Ransdell, chief financial officer, Jeronimo Peralta, chief operating officer, Guillermo Cruz, and chief investment officer, Maggie Vo.
Kingswood Capital Markets, division of Benchmark Investments Inc., acted as the sole book running manager for 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.