PAACU News

Just one blank check company priced an initial public offering this past week, as the IPO market resumed after the Memorial Day holiday. Proficient Alpha Acquisition (PAACU) raised $100 million as the SPAC begins looking for a financial services business in China. The IPO Index slid -2.3% this week, while the VIX Volatility Index crept higher, finishing above...read more

Proficient Alpha Acquisition, a blank check company targeting a financial services business in China, raised $100 million by offering 10 million units at $10, as expected. Each unit consists of one share of common stock, one warrant to purchase one share of common stock at $11.50 per share, and one right to receive one-tenth of one share upon the consummation of the...read more

Just two SPACs are scheduled to IPO in the week ahead, as Wall Street breaks for Memorial Day ahead of an active summer. Led by Avi Katz, GigCapital2 (GIX.U) plans to raise $130 million. The first GigCapital (GIG) raised $125 million in 2017, and earlier this year announced its acquisition of cloud API provider Kaleyra. After delaying its offering this week,...read more

Proficient Alpha Acquisition, a blank check company targeting a financial services business in China, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The New York, NY-based company plans to raise $100 million by offering 10 million units at a price of $10. At $10, Proficient Alpha Acquisition would command a market value of $126 million....read more