Shanghai-based SPAC Lakeshore Acquisition I files for a $50 million IPO

Lakeshore Acquisition I, a blank check company formed by executives of Shanghai Renaissance Investment Management, filed on Monday with the SEC to raise up to $50 million in an initial public offering.

The Shanghai, China-based company plans to raise $50 million by offering 5 million units at $10. Each unit will consist of one share of common stock and three-quarters of a warrant, exercisable at $11.50. At the proposed deal size, Lakeshore Acquisition I will command a market value of $65 million.

The company is led by CEO and Chairman Bill Chen, who has served as CEO of Shanghai Renaissance Investment Management since 2017. He is joined by CFO and Director Laura Li, who is the CFO of Shanghai Renaissance Investment Management. The company's prospective target business will not be limited to a particular industry or geographic location.

Lakeshore Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol LAAAU. Lakeshore Acquisition I filed confidentially on March 9, 2021. Craig-Hallum Capital Group and Roth Capital are the joint bookrunners on the deal.