Copley Acquisition Corp Announces Closing of $172,500,000 Initial Public Offering

Rhea-AI Summary

Copley Acquisition Corp (NYSE: COPLU) has successfully completed its initial public offering (IPO), raising $172.5 million in gross proceeds. The company offered 17,250,000 units at $10.00 per unit, including 2,250,000 units from the underwriters' full exercise of their over-allotment option.

Each unit comprises one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant allowing the purchase of one Class A ordinary share at $11.50 per share. The units began trading on the NYSE under "COPLU" on May 1, 2025. The Class A ordinary shares and warrants will later trade separately under the symbols "COPL" and "COPLW" respectively. Clear Street served as the sole book-running manager for the offering.

Positive

• Successfully raised $172.5 million in gross proceeds from IPO
• Full exercise of underwriters' over-allotment option, indicating strong demand
• NYSE listing provides enhanced visibility and liquidity
• Warrant structure offers potential upside for investors

Negative

• Blank check company structure carries inherent risks of not finding suitable acquisition target
• Potential dilution from warrant exercises
• Time-limited nature of SPAC to complete acquisition
• No operating business or revenue generation at present

Insights

Financial Analyst

Copley Acquisition Corp completed its SPAC IPO, raising $172.5M with full over-allotment exercise, demonstrating market acceptance of this blank-check vehicle.

Copley Acquisition Corp has successfully completed its SPAC IPO, raising $172.5 million by selling 17,250,000 units at $10.00 each. The offering included the full exercise of the underwriters' 2,250,000-unit over-allotment option, indicating complete allocation of the offering.

As a Special Purpose Acquisition Company (SPAC), Copley represents a blank-check vehicle that raises capital with the sole purpose of acquiring an existing business. The standard SPAC structure is evident in the unit composition—each unit contains one Class A ordinary share and one-half of a redeemable warrant. Each whole warrant entitles holders to purchase a Class A ordinary share at $11.50.

Currently trading under "COPLU" on the NYSE, the securities will eventually separate, with the Class A shares trading as "COPL" and warrants as "COPLW". This split trading mechanism is typical of SPAC offerings, allowing investors to retain or trade the components based on their investment strategy.

Clear Street served as the sole book-running manager for this Hong Kong-based SPAC. The $172.5 million capital raise represents the full intended funding target plus over-allotment, providing Copley with significant acquisition capital. Though not stated in the release, SPACs typically have 18-24 months to identify and complete a business combination before facing potential liquidation.

The successful completion of this IPO simply indicates that Copley has secured its initial funding. The SPAC now enters its search phase, where management will seek a suitable acquisition target to complete a business combination.

HONG KONG, May 02, 2025 (GLOBE NEWSWIRE) -- Copley Acquisition Corp (NYSE: COPLU) (the “Company”) today announced that it closed its initial public offering of 17,250,000 units, including the issuance of 2,250,000 units as result of the underwriters’ exercise of its over-allotment option in full, at $10.00 per unit. The gross proceeds from the offering were $172.5 million before deducting underwriting discounts and estimated offering expenses. The units began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “COPLU” on May 1, 2025.

Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on NYSE under the symbols “COPL” and “COPLW”, respectively.

Clear Street is acting as the sole book-running manager in the offering. Winston & Strawn LLP is serving as legal counsel to the Company and Appleby (Cayman) Ltd. is serving as Cayman Islands legal counsel to the Company. DLA Piper LLP (US) is serving as legal counsel to Clear Street.
  
The offering was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, by email at ecm@clearstreet.io, or from the SEC website at www.sec.gov.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on April 30, 2025.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Copley Acquisition Corp

The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses. It has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination. While the Company may pursue a business combination target in any business or industry, it intends to focus its search for businesses in either the technology or lifestyle sectors.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given 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 Registration Statement and related prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC's website, www.sec.gov.

Contact Information

Copley Acquisition Corp
Suite 4005-4006, 40/F, One Exchange Square
8 Connaught Place, Central, Hong Kong 

Francis Ng
Co-Chief Executive Officer
Email: francis.ng@copleyacquisition.com
Phone: +852 2861 3335

FAQ

What is the IPO price for Copley Acquisition Corp (COPLU) and how much did it raise?

Copley Acquisition Corp priced its IPO at $10.00 per unit and raised $172.5 million in gross proceeds, offering 17,250,000 units including the full exercise of the over-allotment option.

What do COPLU units consist of and when did they start trading?

Each COPLU unit consists of one Class A ordinary share and one-half of one redeemable warrant. The units began trading on the NYSE on May 1, 2025.

What are the future trading symbols for Copley Acquisition Corp's securities?

After unit separation, the Class A ordinary shares will trade under 'COPL' and the warrants under 'COPLW', while the units currently trade under 'COPLU'.

What is the exercise price of Copley Acquisition Corp's warrants?

Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share.

Who is the book-running manager for Copley Acquisition Corp's IPO?

Clear Street acted as the sole book-running manager for the IPO.