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PS International Group (PSI), a global logistics service provider, and AIB Acquisition (Nasdaq: AIB), a special purpose acquisition company, announced the completion of their business combination on July 18, 2024.
Following the merger, PSI's ordinary shares will begin trading on Nasdaq under the ticker symbol PSIG on July 19, 2024. PSI specializes in cross-border air freight services and aims to expand its reach in the logistics industry, including e-commerce logistics.
The transaction marks a significant milestone for PSI, emphasizing their commitment to enhancing capabilities and delivering sustainable growth. Details about the business combination will be available in a Form 8-K filed by AIB and a Form 6-K filed by PSI with the SEC.
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AIB Acquisition Corporation has successfully closed its initial public offering (IPO) of 8,625,000 units at $10.00 per unit, providing gross proceeds of $86,250,000. The units started trading on Nasdaq under the ticker symbol AIBBU on January 19, 2022. Each unit comprises one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon the business combination's completion. Maxim Group LLC served as the book-running manager for this offering, with a registration statement declared effective by the SEC on January 18, 2022.
AIB Acquisition Corporation announced the pricing of its initial public offering (IPO) of 7,500,000 units at $10.00 per unit, to be traded under the ticker symbol AIBBU starting January 19, 2022. Each unit includes one Class A ordinary share and a right to receive one-tenth of a share upon completing a business combination. The offering is set to close on January 21, 2022, pending customary conditions. Maxim Group LLC is the sole underwriter, with a 45-day option for an additional 1,125,000 units to cover over-allotments.