Vertex Technology Acquisition Corporation Ltd ("VTAC"), a special purpose acquisition company ("SPAC") incorporated for the purpose of effecting an initial business combination, is pleased to announce that it has successfully completed, and received strong demand, for its International Placement and Public Offering.
The Public Offering of 0.6 million Units was approximately 36.0 times subscribed. The International Placement of 11.2 million Units was approximately 8.8 times subscribed.
VTAC Chairman Mr. CHUA Kee Lock (蔡其乐) said, "We believe the strong demand for Units in VTAC underscores the trust that investors have in the competence of our management and the value of our Sponsor's global network, well-established shareholder ecosystem and deep local expertise. The positive result from our IPO is only the beginning. From here on we will focus on achieving a successful initial business combination and seek to create long-term value for the target company and our stakeholders."
The Over-Allotment option was also exercised and additional 2.36m units were issued. The balloting table for the public offer is as below:
Investors who applied for the shares will have a 24% chance of being allotted. Investors who applied for $100,000 or 20,000 shares will get 1,500 shares.
It will be interesting to see how the share price trades when it is listed at 2pm tomorrow as fundamentally, there is no reason why it should trade above $5.
Happy VTACing
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