Hainan Sirius Acquisition Corp., a Special Purpose Acquisition Company (SPAC), has formally submitted its paperwork for an Initial Public Offering (IPO) with the Securities and Exchange Commission (SEC) on Thursday. The SPAC intends to raise $60 million in gross proceeds by offering 6 million units at a price of $10 each. This estimation does not factor in the potential exercise of an over-allotment option by the underwriters.
While Hainan Sirius Acquisition Corp. has stated its willingness to explore merger opportunities with businesses from diverse sectors, industries, or geographic locations, it has exhibited a preference for sectors that align with the expertise of its management team. The SPAC is particularly keen on identifying businesses with enterprise values falling within the range of $500 million to $2 billion.
Following the successful completion of the IPO, the company will operate under a 15-month timeframe to formalize a business combination. If required, this deadline can be extended by infusing additional funds into the company’s trust account.
In accordance with its plans for a public offering, Hainan Sirius Acquisition Corp. has submitted an application to list its units on the Nasdaq Global Market. Pending approval, these units will trade under the ticker symbol NASDAQ:HSACU.
