SHANGHAI, June 10, 2021 /PRNewswire/ -- Lakeshore
Acquisition I Corp. (the "Company"), a newly organized blank check
company incorporated as a Cayman
Islands exempted company and led by Chairman and CEO
Bill Chen, today announced the
pricing of its initial public offering of 5,000,000 units at an
offering price of $10.00 per unit,
with each unit consisting of one ordinary share of the Company and
three-quarters of one redeemable warrant. Each whole warrant will
entitle the holder thereof to purchase one ordinary share at
$11.50 per share. The units are
expected to trade on the Nasdaq Capital Market ("NASDAQ") under the
ticker symbol "LAAAU" beginning June 11, 2021.
Once the securities comprising the units begin separate trading,
the ordinary shares and the warrants are expected to be traded on
the NASDAQ under the symbols "LAAA" and "LAAAW," respectively. No
fractional warrants will be issued upon separation of the units and
only whole warrants will trade. The offering is expected to close
on June 15, 2021, subject to
customary closing conditions.
Craig-Hallum Capital Group and Roth Capital Partners are acting
as joint book-running managers for the offering. The Company has
granted the underwriters a 45-day option to purchase up to 750,000
additional units at the initial public offering price to cover
over-allotments, if any.
A registration statement relating to the securities sold in the
initial public offering was declared effective by the U.S.
Securities and Exchange Commission (the "SEC") on June 10, 2021.
The offering is being made only by means of a prospectus. When
available, copies of the prospectus relating to this offering may
be obtained from Craig-Hallum Capital Group LLC, 222 South Ninth
Street, Suite 350, Minneapolis, MN
55402, Attn: Equity Capital Markets, telephone: 612-334-6300 or by
email at prospectus@chlm.com; or from Roth Capital Partners, 888
San Clemente, Newport Beach, CA
92660, Attn: Prospectus Department, telephone: 800-678-9147, or by
accessing the SEC's website, www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Lakeshore Acquisition I Corp.
Lakeshore Acquisition I Corp. is a blank check company, also
commonly referred to as a special purpose acquisition company, or
SPAC, formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses or entities.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the
Company's initial public offering ("IPO") and search for an initial
business combination. No assurance can be given that the offering
discussed above will be completed on the terms described, or at
all, or that the net proceeds of the offering will be used as
indicated. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of Lakeshore
Acquisition I Corp., including those set forth in the Risk Factors
section of Lakeshore Acquisition I Corp.'s registration statement
and preliminary prospectus for the IPO filed with the SEC. Copies
are available on the SEC's website, www.sec.gov. Lakeshore
Acquisition I Corp. undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
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SOURCE Lakeshore Acquisition I Corp.