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 investment firms 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 its initial public offering (IPO) of 15 million units at US$10 each, according to its filing to the US 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 combine with merger targets in the technology and lifestyle sectors in North America and Asia-Pacific, excluding China.
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"We are eyeing opportunities supported by the equity market pickup, especially when the new [US] administration takes office next year," Francis Ng, co-CEO of Copley, said on Monday. "The listed SPAC should be able to benefit from the market momentum next year."
Francis Ng, the co-CEO of Copley Acquisition, was the president and CFO of Black Spade Acquisition when it completed a US$23 billion merger with VinFast Auto in August 2023. Photo: AFP alt=Francis Ng, the co-CEO of Copley Acquisition, was the president and CFO of Black Spade Acquisition when it completed a US$23 billion merger with VinFast Auto in August 2023. Photo: AFP>
Copley said in the filing that the technology and lifestyle industries, particularly those that are major beneficiaries of next-generation technology, provide "ample business combination opportunities".
Co-CEO Chibo Tang is a managing partner at 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 sectors including artificial intelligence (AI), fintech, consumer, healthcare and sustainability.
Copley's CFO and president Menghan Henry Zhang is the president and managing partner of Hermitage Capital, a tech-focused private equity firm with US$1 billion of assets under management. The firm's investments include autonomous driving solutions provider Horizon Robotics, AI smart manufacturing provider SmartMore and AI drug discovery company XTalPi.
Copley will focus on sectors such as electric vehicles, robotics and cybersecurity, and lifestyle services, which involve luxury apparel, wellness and travel.
