EAST WEST AVE ACQUISITION CORP. ANNOUNCES CLOSING OF $100 MILLION INITIAL PUBLIC OFFERING

Rhea-AI Summary

East West Ave Acquisition Corp. (NASDAQ: EWAVU) closed its previously announced IPO of 10,000,000 units at $10.00 per unit, raising gross proceeds of $100 million. The units began trading on the Nasdaq Global Market under the ticker “EWAVU” on July 30, 2026.

Each unit consists of one share of common stock and one right to receive one-fourth of one share of common stock upon completion of an initial business combination. Following separation, the common stock and rights are expected to trade on Nasdaq under “EWAV” and “EWAVR”, respectively. Funds in the Company’s trust account, including interest, will not be used to pay taxes associated with its Nevada incorporation; sponsors will instead provide loans as working capital to cover such taxes from accounts outside the trust.

D. Boral Capital LLC served as sole book-running manager. Underwriters hold a 45-day option to purchase up to 1,500,000 additional units to cover over-allotments. The SEC declared the Form S-1 registration statement effective on July 13, 2026.

Positive

• $100 million gross proceeds from 10,000,000 units at $10.00
• SPAC structure includes rights for 0.25 share per unit post-merger
• Trust account funds, including interest, reserved from tax payments
• Underwriters granted 45-day option for 1,500,000 additional units

Negative

• Unit structure includes rights that may increase common share count post-merger
• Coverage of certain taxes depends on sponsor-provided working capital loans

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NEW YORK, Aug. 03, 2026 (GLOBE NEWSWIRE) -- East West Ave Acquisition Corp., a Nevada corporation (NASDAQ: EWAVU) (the “Company”), announced the closing of its previously announced initial public offering (the “IPO”) of 10,000,000 units at $10.00 per unit. The units commenced trading on the Nasdaq Global Market (“Nasdaq”) under “EWAVU” beginning July 30, 2026. Each unit consists of one share of common stock, and one right to receive one-fourth of one share of common stock upon consummation of an initial business combination. Upon separate trading, the common stock and rights are expected to be listed on Nasdaq under "EWAV" and "EWAVR" respectively.

The funds held in the trust account of the Company (the “Trust Account”), including the interest earned on the funds held in the Trust Account, will not be used to pay any federal, state, local, excise or other tax associated with the Company being a Nevada corporation. The sponsors of the Company will provide sufficient loans as working capital to the Company to pay any such taxes owed from an account other than the Trust Account.

D. Boral Capital LLC acted as sole book-running manager of the offering. The underwriters have a 45-day option to purchase up to 1,500,000 additional units to cover any over-allotments.

A registration statement on Form S-1 (File No. 333- 295205) for these securities was declared effective by the Securities and Exchange Commission (the "SEC”) on July 13, 2026. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from D. Boral Capital LLC, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 970-5150 or by email at dbccapitalmarkets@dboralcapital.com. Copies of the registration statement can also be obtained by visiting EDGAR on the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or to buy, nor shall there be any sale where such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws.

About East West Ave Acquisition Corp.

East West Ave Acquisition Corp. is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company’s target search will not be limited to a particular industry or geographic region.

Forward-Looking Statements

This press release contains “forward-looking statements,” including statements regarding the Company’s IPO. These statements are subject to risks and uncertainties that could cause actual results to differ materially. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, beyond the Company’s control, including those in the Risk Factors section of the Company’s registration statement filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company disclaims any obligation to release publicly updates or revisions to any forward-looking statements to reflect any change in the Company's expectations, except as required by law.

Contact

East West Ave Acquisition Corp.
Molly Huang
Chief Executive Officer
ir@eastwestave.com

FAQ

What are the key terms of the East West Ave Acquisition Corp. (NASDAQ: EWAVU) IPO?

East West Ave Acquisition Corp. completed a $100 million IPO, selling 10,000,000 units at $10.00 each. According to East West Ave Acquisition Corp., each unit includes one common share and one right to receive one-fourth of a share after an initial business combination.

What does each EWAVU SPAC unit include for East West Ave Acquisition Corp. shareholders?

Each EWAVU unit includes one share of common stock and one right to receive one-fourth of one share. According to East West Ave Acquisition Corp., the additional one-fourth share is deliverable upon consummation of an initial business combination.

On which Nasdaq tickers do East West Ave Acquisition Corp. securities trade after the 2026 IPO?

The units trade on Nasdaq under “EWAVU”. According to East West Ave Acquisition Corp., once separately traded, the common stock is expected to list under “EWAV” and the rights under “EWAVR”, all on the Nasdaq Global Market.

How will East West Ave Acquisition Corp. handle trust account funds and taxes after its IPO?

Trust account funds, including interest, will not pay taxes tied to Nevada incorporation. According to East West Ave Acquisition Corp., sponsors will provide sufficient loans as working capital so such taxes are paid from accounts outside the trust.

What over-allotment option did underwriters receive in the East West Ave Acquisition Corp. (EWAVU) IPO?

Underwriters received a 45-day option to buy up to 1,500,000 additional units. According to East West Ave Acquisition Corp., this option is intended to cover potential over-allotments in connection with the $100 million initial public offering.

When did the SEC declare the East West Ave Acquisition Corp. IPO registration effective?

The SEC declared the Form S-1 registration statement effective on July 13, 2026. According to East West Ave Acquisition Corp., the IPO was then conducted under this effective registration, with the units beginning Nasdaq trading on July 30, 2026.