Starry Sea Acquisition, a blank check company led by Chinese executives, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one right to receive one-sixth of a share upon the completion of an initial business combination.
Starry Sea Acquisition is led by CEO and Chair Yan Liang, who most recently served as the Finance Director for BaiXing.com. The SPAC has not selected a target industry or geography, but plans to focus on established businesses with long-term financial visibility and defensible market positions, among other characteristics.
Starry Sea Acquisition plans to list on the Nasdaq under the symbol SSEAU. A.G.P. acted as sole bookrunner on the deal.
