Credit Suisse and UBS Serve as Joint Book-Running Managers for Artisan Acquisition Corp.’s $300 Million SPAC IPO
New York, Hong Kong and Los Angeles – Paul Hastings LLP, a leading global law firm, announced today that it advised Credit Suisse Securities and UBS Securities as the joint book-running managers, and Futu Securities International (Hong Kong) Limited as a lead manager, for the $300 million initial public offering by Artisan Acquisition Corp., a special purpose acquisition company backed by New World Development, a prominent Hong Kong-based conglomerate.
Artisan Acquisition Corp. priced its IPO of 30,000,000 units at $10.00 per unit. Each unit consists of one share of Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. The units were listed for trading on the Nasdaq Stock Market under the ticker symbol "ARTAU" on May 14, 2021.
Adrian Cheng, founder of Artisan LLC (sponsor of Artisan Acquisition) and brother Ben Cheng (CEO of Artisan Acquisition), are the third generation of the controlling family of New World Development, which has total assets over $80 billion. Along with the company’s independent directors and management team, they are expected to guide Artisan Acquisition Corp. in its efforts to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, focusing its search on global healthcare, technology and consumer companies.
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