Tottenham Acquisition I Limited, filed their CERT this afternoon and should be pricing their IPO tonight for trading Thursday.
The $40 million Tottenham, which is focused on businesses primarily located in China/Asia, will be kicking off August as the first SPAC to price this month. However, rumor has it that Forum Merger II will not be far behind. Chardan will be sole bookrunner on this deal and a summary of terms can be found below:
Deal Terms:
- Sector Focus: China/Asia
- $10.00 unit comprised of one ordinary share, one right and one warrant to purchase 1/2 share
- Each right entitles the holder to receive one-tenth (1/10) of one share
- 100% held in trust ($10.00 per share or up to $10.30 per share if all three extensions are exercised)
- 12 months to complete an acquisition (plus three 3-month extensions with $0.10/share to be deposited in trust)
- Warrant call for redemption price: $16.50
- Underwriter fees: 2.5% + 4.0% deferred fee. Chardan is sole book-runner.
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