Peace Acquisition, a blank check company targeting businesses in Asia, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock, one warrant to purchase a share exercisable at $11.50, and one right to receive one-fifth of one share at the time of the business combination.
The SPAC is led by CEO and Chairman Fangping Zheng, the General Manager of Guoxing Capital and Dingye (Shenzhen) Financial Services. He is joined by CFO Cathy Jiang, who previously served as the Managing Director of family office Alpha Square Group. The SPAC did not disclose a target industry, but plans to focus its search on businesses throughout Asia, and notes that its management team has a vast network in China.
The New York, NY-based company will trade on the Nasdaq under the symbol PECEU. EarlyBirdCapital acted as sole bookrunner on the deal.
