Cayson Acquisition Corp Announces Pricing of $60,000,000 Initial Public Offering
Rhea-AI Summary
Cayson Acquisition Corp has announced the pricing of its initial public offering (IPO) of 6,000,000 units at $10.00 per unit, totaling $60,000,000. The company's units will be listed on the Nasdaq Global Market under the ticker symbol 'CAPNU', starting trading on September 20, 2024. Each unit consists of one ordinary share and one right to receive one-tenth of an ordinary share upon completion of an initial business combination.
The company, a Cayman exempt entity, is formed as a blank check company aimed at merging or acquiring businesses, primarily focusing on entities located throughout Asia. Led by Chairman and CEO Yawei Cao, the IPO is managed by EarlyBirdCapital, Inc. as the book-running manager and Revere Securities as co-manager. The underwriters have a 45-day option to purchase up to an additional 900,000 units to cover over-allotments.
Positive
- Initial public offering (IPO) of $60 million
- Listing on Nasdaq Global Market
- Flexible structure with units consisting of shares and rights
- Focus on potential business combinations in Asia
- 45-day over-allotment option for underwriters
Negative
- Blank check company with no current operations
- Uncertainty regarding future business combination target
- Potential dilution for shareholders upon exercise of rights
News Market Reaction
On the day this news was published, CAPN gained 1321.43%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Cayson Acquisition Corp (the “Company”) announced today that it priced its initial public offering of 6,000,000 units at
The Company is a Cayman exempt company, formed as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus its search for a target business on entities located throughout Asia but will not be limited to a particular industry or geographic location. The Company is led by its Chairman of the Board and Chief Executive Officer, Yawei Cao.
EarlyBirdCapital, Inc. is acting as the book-running manager for the offering and Revere Securities is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 900,000 units at the initial public offering price to cover over-allotments, if any. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EarlyBirdCapital, Inc., 366 Madison Avenue, New York, New York 10017, Attention: Syndicate Department, or (212) 661-0200.
A registration statement relating to these securities was filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on September 19, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
Taylor Zhang
taylorzhang@caysonspac.com
FAQ
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