NEW YORK and SHANGHAI,
Oct. 14, 2015 /PRNewswire/ -- Pacific
Special Acquisition Corp. ("Pacific" or the "Company"), a
company formed for the purpose of entering into a merger, share
exchange, asset acquisition or other similar business combination
with one or more businesses or entities, today announced the
pricing of its initial public offering of five million units at a
price to the public of $10.00 per
unit. The units are expected to begin trading on Thursday, October 15, 2015, on The NASDAQ Capital
Market ("Nasdaq") under the symbol "PAACU." The closing of the
Company's initial public offering is expected to be consummated on
or about October 20, 2015. Each
unit to be issued in the initial public offering will consist of
one ordinary share, one right to receive one-tenth of an
ordinary share on the consummation of an initial business
combination, and one warrant to acquire one-half of one ordinary
share at a price of $12.00 per full
share. Once the securities comprising the units begin separate
trading, the ordinary shares, warrants and rights are expected to
be traded on Nasdaq under the symbols "PAAC," "PAACR" and "PAACW,"
respectively.
EarlyBirdCapital, Inc. is acting as sole book-running manager
for the offering. Pacific has granted the underwriters a 45-day
option to purchase up to 750,000 additional units to cover
over-allotments, if any. This offering is being made only by means
of a prospectus. Copies of the prospectus relating to this offering
may be obtained by contacting EarlyBirdCapital, Inc., 366 Madison
Avenue, 8th Floor, New York,
New York 10017. Copies of the registration statement can be
accessed through the SEC's website at www.sec.gov.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
October 14, 2015. This press release
shall not constitute an offer to sell or the 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 Pacific
Pacific is a blank check company, also commonly referred to as a
Special Purpose Acquisition Company, or SPAC, formed for the
purpose of acquiring, engaging in a share exchange, share
reconstruction and amalgamation, purchasing all or substantially
all of the assets of, entering into contractual arrangements, or
engaging in any other similar business combination with one or more
businesses or entities. The Company's efforts to identify a target
business will not be limited to a particular industry or geographic
region, although it intends to focus efforts on seeking a business
combination with a company or companies that have their primary
operations located in Asia, with
an emphasis on China. Pacific is being sponsored by Zhengqi
International Holding Limited, a subsidiary of Pacific Securities
Co. Ltd.
Forward-Looking Statements
This press release includes "forward-looking statements" that
are not historical facts, and involve risks and uncertainties that
could cause actual results to differ materially from those expected
and projected. Words such as "expects", "believes", "anticipates",
"intends", "estimates", "seeks" and variations and similar words
and expressions are intended to identify such forward-looking
statements. Such forward-looking statements relate to future events
or future performance, but reflect Pacific
management's current beliefs, based on information currently
available. A number of factors could cause actual events,
performance or results to differ materially from the events,
performance and results discussed in the forward-looking
statements. For information identifying important factors that
could cause actual results to differ materially from those
anticipated in the forward looking statements, please refer to the
Risk Factors section of Pacific's preliminary prospectus (and its
final prospectus, when available) for its offering filed with the
Securities and Exchange Commission. Except as expressly required by
applicable securities law, the Company disclaims any intention or
obligation to update or revise any forward looking statements
whether as a result of new information, future events or
otherwise.
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SOURCE Pacific Special Acquisition Corp.