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Alberton Acquisition Corporation to Price $100 Million SPAC Tonight
by Kristi Marvin on 2018-10-23 at 4:22pm

Alberton will be the 40th SPAC to IPO in 2018.

Thanks to a super accommodating SEC (for quickly turning around a recently amended S-1 this morning), Alberton Acquisition Corporation is now expected to price their $100 million broadly-focused SPAC tonight for trading Wednesday morning.  Alberton is being led by Bin (Ben) Wang, as Chairman and CEO.  Mr. Wang is currently a Managing Director of Eon Capital International Ltd, a Hong Kong-incorporated corporate advisory service company.

Alberton will be the 40th SPAC to price in 2018, six more than 2017’s 34 SPAC IPOs.  However, post-pricing of Alberton, we’re fresh out of new SPACs.  Hopefully, we’ll get some new and exciting product to look at before the end of the week.

Albertson Acquisition Corporation Summary of Terms:
  • Focus:  General / Broad
  • Size: $100 million
  • 100.0% held in trust ($10.00 per share)
  • $10.00 Unit comprised of one Ordinary Share + 1 Right + 1 Warrant
    • 1 Right for 1/10 of one Ordinary Share
    • 1 Warrant for 1/2 of one Ordinary Share
  • Warrant trigger:  > $16.00
  • 12 months to complete an acquisition + two 3-month extensions (18 months total)
    • $1 million to be deposited in trust at each extension
  • At-risk Capital: $3.0 million (300,000 Units at $10.00)
  • Underwriter fees: 2.0% + 3.5% deferred

Chardan is sole book-running manager.
White and Williams LLP and Loeb & Loeb LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.

 

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