CITIC Capital Acquisition Corp. announced the closing of its initial public offering of 27,600,000 units in US, which includes 3,600,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $276,000,000. Credit Suisse acted as the sole book running manager of the offering.
CITIC Capital Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
While the Company may pursue an initial business combination target in any business or industry, the Company intends to search globally for companies in the energy efficiency, clean technology and sustainability sectors, with a focus on companies that the Company believes can be positioned for success in China, as well as other markets in Asia and beyond.
The Company’s units began trading on The New York Stock Exchange on February 11, 2020 under the ticker symbol “CCAC.U”. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each warrant whole exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be listed on the NYSE under the symbols “CCAC” and “CCAC WS,” respectively.
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