OceanLight Acquisition, a blank check company led by Ping Zhang targeting large underpenetrated markets, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one warrant to purchase a share that is exercisable at $11.50, and one right to receive a one-quarter of a share at the time of the business combination.
OceanLight Acquisition is led by CEO, CFO, and Chairman Ping Zhang, who is the General Manager of US-based Green Leaf Air Freight, and former founder and manager of Shanghai Tongli Advertising.
Zhang's other SPACs include GalaxyEdge Acquisition (NYSE: GLED; -0.4%), which raised $100 million in a March IPO and recently agreed to acquire Hong Kong-based waste sorter Rongcheng Group, and Quantumsphere Acquisition (Nasdaq: QUMS; +3% from $10 offer price), which completed a $72 million IPO last year and has agreed to combine with Singapore-based online game platform SACH. He is also a director of Quartzsea Acquisition (Nasdaq: QSEA; pending Eight Directions Technology), QuasarEdge Acquisition (NYSE: QRED; pending Robseek), Yotta Acquisition (Nasdaq: YOTA), and Quetta Acquisition (Nasdaq: QETA; pending Smart Kreate Group)
The SPAC plans to target companies within large underpenetrated markets with favorable industry dynamics, with strong management teams, and a defensible market position with sustainable competitive advantage.
The New York, NY-based company will trade on the Nasdaq under the symbol OCLT.U. Polaris Advisory Partners (Kingswwod) acted as sole bookrunner on the deal.
