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Asia-focused SPAC Greencity Acquisition prices $40 million IPO at $10

July 23, 2020

Greencity Acquisition, a blank check company focused on businesses in Asia, raised $40 million by offering 4 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At pricing, Greencity Acquisition commands a market value of $53 million. 

The company is led by CEO Ming Zhang, who currently serves as Managing Director of SBI Financial China; Chairman Jinlong Liu, who currently serves as CEO of Shanghai Midai Automobile; and CFO Jianmin Yu, who currently is an Executive Director of Shanghai Midai Automobile. Greencity Acquisition states that its target business will not be limited to a particular geographic region, but it intends to focus on businesses that have a connection to the Asian market.

Greencity Acquisition plans to list on the Nasdaq under the symbol GRCYU. Ladenburg Thalmann acted as a lead manager on the deal.