A blank check for China: Pacific Special Acquisition prices $50 million IPO at $10

Pacific Special Acquisition, a blank check company formed by Pacific Securities to acquire a business in China, raised $50 million by offering 5.0 million units at $10, as expected.

Three small China-focused blank check companies have listed on the Nasdaq in the past year, including E-compass Acquisition (ECACU), DT Investments Asia (CADTU) and Sino Mercury Acquisition (SMACU).

Pacific Special Acquisition plans to list on the Nasdaq under the symbol PAACU. EarlyBird Capital acted as the sole bookrunner on the deal.