SPAC Copley Acquisition eyes US$150 million NYSE IPO, seeks targets in tech, lifestyle sectors
Copley Acquisition, a special purpose acquisition company (SPAC) backed by Hong Kong-based Pacific Aegis Capital Management (PACM), Gobi Partners and Hermitage Capital, plans to raise US$150 million on the New York Stock Exchange (NYSE). :
The SPAC priced the initial public offering (IPO) of 15 million units at $10 each, according to a filing with the U.S. Securities and Exchange Commission on Friday.
The listing of the SPAC could be in February 2025, subject to regulatory approval.The proceeds will be used to target mergers in the technology and lifestyle sectors of North America and the Asia-Pacific region, excluding China.
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“We expect opportunities that support the stock market pickup, especially when new [US] administration will take over next year,” Copley co-CEO Francis Ng said Monday. “The listed SPAC should be able to take advantage of market momentum next year.
Francis Ng, co-CEO of Copley Acquisition, was chairman and CFO of Black Spade Acquisition when it completed its US$23 billion merger with VinFast Auto in August 2023. Photo: AFP alt=Francis Ng, Copley Co-CEO of Acquisition , was chairman and CFO of Black Spade Acquisition when it completed a $23 billion acquisition. the merger. VinFast Auto in August 2023. Photo: AFP>
Copley said in a statement that the technology and lifestyle industries, particularly those that are key beneficiaries of next-generation technology, provide “extensive opportunities for business combinations.”
CEO Chibo Tang is the managing partner of Gobi Partners, a venture capital firm based in Hong Kong and Kuala Lumpur with US$1.6 billion in assets under management. Gobi invests in areas such as artificial intelligence (AI ), fintech, consumers, healthcare and sustainability.
Copley CFO and Chairman Mengan Henry Zhang is chairman and managing partner of Hermitage Capital, a technology-focused private equity firm with $1 billion in assets under management.The firm’s investments include autonomous driving solutions provider Horizon Robotics, an AI smart manufacturing provider SmartMore and AI drug discovery company XTalPi.
Copley will focus on areas such as electric vehicles, robotics and cyber security, as well as lifestyle services that include luxury apparel, health and travel.
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