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Chinese SPAC Jeneration Acquisition pulls plans for $300M US IPO

By Val Kennedy,

SPAC, special purpose acquisition company symbol. Colored papers with word "SPAC" on beautiful wooden background, copy space. Business and SPAC, special purpose acquisition company concept.

Chinese SPAC Jeneration Acquisition (JACAU) has withdrawn plans to hold a US initial public offering to raise $300M for a business combination in the technology sector.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.

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