Shanghai-based SPAC Lakeshore Acquisition I prices $50 million IPO

Lakeshore Acquisition I, a blank check company formed by executives of Shanghai Renaissance Investment Management, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50.

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 plans to list on the Nasdaq under the symbol LAAAU. Craig-Hallum Capital Group and Roth Capital acted as lead managers on the deal.