Copley Acquisition, a special purpose acquisition company (SPAC) backed by Hong Kong-based investment firms Pacific Aegis Capital Management (PACM), Gobi Partners and Hermitage Capital, plans to raise $150 million on the Stock Exchange New York (NYSE).
The SPAC priced its initial public offering (IPO) of 15 million units at US$10 each, according to its filing with the US Securities and Exchange Commission on Friday.
The SPAC’s listing could occur in February 2025, subject to regulatory approval. Proceeds will be used to fund merger targets in the technology and lifestyle sectors in North America and Asia Pacific, excluding China.
“We see opportunities supported by the stock market recovery, particularly when the new (US) administration takes office next year,” Copley co-CEO Francis Ng said on Monday. “Listed SPACs should be able to benefit from market dynamics next year.”
Copley said in the filing that the technology and lifestyle sectors, particularly those that are major beneficiaries of next-generation technology, offer “numerous opportunities for business combinations.”