Duddell Street Acquisition Corp. announced the pricing of its $175 million IPO this evening and its units are expected to begin trading on the Nasdaq under the symbol “DSACU” Thursday, October 29.
The new company aims to combine with a target valued at $500 million to $1 billion with compelling potential for growth in Asia. Duddell Street is led by CEO, Co-Chief Investment Officer and Chairman Manoj Jain alongside President, Chief Risk Officer and Director Sohit Khurana and CFO Allan Finnerty.
Total SPAC deal count for 2020 year-to-date is now 166 with $61.49 billion in gross proceeds raised. This offering is expected to close on Monday, November 2, 2020.
BofA Securities, Inc. and BTIG, LLC are acting as joint book-running managers for the offering. Davis Polk & Wardwell LLP are serving as Issuer’s Counsel with White & Case LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company LLC is acting as trustee.
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With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...