By Val Kennedy,
Chinese SPAC Jeneration Acquisition (JACAU) has withdrawn plans to hold a US initial public offering to raise $300M for a business combination in the technology sector.
The Hong Kong-based SPAC had filed to offer 30M units at $10 per unit. Each unit was to consist of one share plus on-third of one warrant to buy one share at $11.50.
The SPAC had planned to list on the Nasdaq under the symbol JACAU.
Jeneration had planned to use the cash to seek out a business combination with a technology company focused on mobility, online services, software, e-commerce, AI, robotics or clean energy. The SPAC was particularly interested in striking a deal with a company with operations in Asia, particularly Greater China.
Jeneration SPAC is backed by Hong Kong-based investment firm Jeneration Group, which has $3B in assets under management.
Source : https://seekingalpha.com/news/3809275-chinese-spac-jeneration-acquisition-pulls-us-ipo