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Copley Acquisition, a special purpose acquisition company (SPAC) backed by Hong Kong-based investment firms Pacific Aegis Capital Management (PACM), Gobi Partners and Hermitage Capital, plans to raise $150 million on the Stock Exchange of New York (NYSE).
The SPAC priced its initial public offering (IPO) of 15 million units at US$10 each, according to a filing with the US Securities and Exchange Commission on Friday.
The SPAC’s listing could be in February 2025, subject to regulatory approval. The proceeds will be used to match merger targets in the technology and lifestyle sectors in North America and Asia-Pacific, excluding China.
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“We are looking at opportunities supported by the recovery in the stock market, especially as the new (US) administration takes office next year,” Copley co-CEO Francis Ng said on Monday. “The listed SPAC should be able to benefit from market momentum next year.”
Francis Ng, co-CEO of Copley Acquisition, was the president and CFO of Black Spade Acquisition when it completed a $23 billion merger with VinFast Auto in August 2023. Photo: AFP alt=Francis Ng, co-CEO of Copley Acquisition, was the president and CFO of Black Spade Acquisition when it completed a $23 billion merger with VinFast Auto in August 2023. Photo: AFP>
Copley said in the presentation that the technology and lifestyle industries, especially those that are the main beneficiaries of next-generation technology, offer “extensive business combination opportunities.”
Co-CEO Chibo Tang is managing partner of Gobi Partners, a venture capital firm based in Hong Kong and Kuala Lumpur with $1.6 billion in assets under management. Gobi invests in sectors such as artificial intelligence (AI), fintech, consumer, healthcare and sustainability.
Copley CFO and Chairman Menghan Henry Zhang is the Chairman and Managing Partner of Hermitage Capital, a technology-focused private equity firm with $1 billion in assets under management. The company’s investments include self-driving solutions provider Horizon Robotics, AI smart manufacturing provider SmartMore and AI drug discovery company XTalPi.
Copley will focus on sectors such as electric vehicles, robotics and cyber security, and lifestyle services, involving luxury apparel, wellness and travel.
