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SPAC AI Transportation Acquisition prices upsized $60 million IPO, targeting intelligent transportation

November 9, 2023

AI Transportation Acquisition, a blank check company targeting the AI transportation industry, raised $60 million by offering 6 million units at $10. The company offered 1 million more units than anticipated. Each unit consists of one share of common stock and one right to receive one-eighth of a share upon the completion of an initial business combination.

The company is led by CEO and Chairman Yongjin Chen, a Partner at UniTHU Capital Investment Management and a former Founding Partner at Beijing D&S Capital Management. The company plans to target the AI transportation industry, focusing on logistics, new energy vehicles, and smart parking, among other types of "intelligent transportation." 

AI Transportation Acquisition plans to list on the Nasdaq under the symbol AITRU. EF Hutton acted as sole bookrunner on the deal.