Around mid-day, we had yet another new SPAC filing with the addition of CITIC Capital Acquisition Corp. (CCAC.U), a $200 million SPAC focused on clean energy. Or more specifically, “companies in the energy efficiency, clean technology and sustainability sectors, with a focus on companies that we believe can be positioned for success in China, as well as other markets in Asia and beyond.“
CITIC Capital will be led by Fanglu Wang, as Chief Executive Officer and Director, and Eric Chan, as Chief Financial Officer and Director, both currently holding senior management positions at CITIC, this SPAC’s sponsor. As for CITIC, they are a global alternative investment management and advisory firm with a strong and established position in China. So if you’re going to have a SPAC searching in that region, having CITIC as a sponsor is a nice complement and should help with deal flow.
As for the sector they looking in, the clean energy space is a particularly compelling one given that as Asia’s middle class (which is sizeable already) continues to grow, demand for cleaner air, environmental conditions, etc., will become of even greater importance. And in China, it has been said that it could even be a factor in political stability. So perhaps now is the right time for a clean energy SPAC in the East.
Looking at this SPAC’s structure, the 100% in trust, 1/2 warrant, 24 months duration is standard fare. In fact, its the same size ($200 million) and same terms as Credit Suisse’s other SPAC on file to IPO – SCVX Corp. As such, there really shouldn’t be much pushback on terms.
Look for this one to price either late in the first week of February, or the following week.
Credit Suisse is sole book-runner.
Winston & Strawn LLP & Davis Polk & Wardwell LLP are issuer’s counsel and underwriter’s counsel, respectively.
WithumSmith+Brown, PC is auditor.
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....