Chenghe Acquisition Co. Completes SPAC IPO on NASDAQ
April 29, 2022
Hong Kong – Paul Hastings, a leading global law firm, announced today that the firm has advised Morgan Stanley and EarlyBirdCapital Inc. as joint bookrunners, in connection with Chenghe Acquisition Co.’s US$100 million initial public offering and listing on NASDAQ Global Market. Revere Securities acted as co-manager for this transaction. Chenghe Acquisition Co. is a newly incorporated blank check company sponsored by Chenghe Investment Co. While Chenghe Acquisition Co. may pursue a business combination target in any business, industry or location, it intends to focus on financial technology or technology-enabled financial service companies, including artificial intelligence, big data, cloud and blockchain-related initiatives in Asian markets (apart from entity based in or with its principal business operations in Mainland China, Hong Kong or Macau).
Chenghe Acquisition Co. priced its IPO of 10,000,000 units at US$10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of US$11.50 per share. Commencing on April 28, 2022, the Chenghe Acquisition Co.’s units will begin trading under the ticker symbol “CHEA U”.
Kenneth Hitchner, the chairman of Chenghe Acquisition Co.’s advisory board, is the former chairman and chief executive officer of Goldman Sachs in Asia Pacific Ex-Japan. Richard Qi Li, the company’s chairman of the board of director, is the former chief investment officer and the chief operating officer of China Great Wall AMC (International) Holdings Company Limited, as well as the chief executive officer of Great Wall Pan Asia Asset Management Ltd. He is also the former managing director and the head of China Securities, Goldman Sachs Asia.
The Paul Hastings team was led by Raymond Li, global partner and chair of Greater China, Neil Torpey, chair of the Hong Kong office, and corporate partner Fang Pei, with support from of counsel Eric Wong, associate Flavio Averbug and paralegal Sherlotte Poon.
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