APEX Tech Acquisition, a blank check company formed by Chinese manufacturing executives targeting US businesses, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-fourth of one ordinary share (up from one-sixth) upon the consummation of an initial business combination.
APEX Tech Acquisition is led by CEO, CFO, and Chairman Shaoren Liu, the former Chairman of Wafangdian Golden Orient Bearing Manufacturing. The SPAC plans to target businesses with principal operations in the US, near-term potential to generate strong cash flow, disruptive or leading competitive technology, and talented management teams, among other characteristics.
The Houston, TX-based company plans to list on the NYSE under the symbol TRADU. A.G.P. acted as sole bookrunner on the deal.
