STARRY SEA ACQUISITION CORP Announces Closing of $57.5 Million Initial Public Offering

Rhea-AI Summary

STARRY SEA ACQUISITION CORP (NASDAQ:SSEAU) has successfully completed its initial public offering (IPO) of 5,750,000 units at $10.00 per unit, raising a total of $57.5 million. Each unit consists of one ordinary share and one right to receive one-sixth of an ordinary share upon business combination completion.

The offering includes the full exercise of the underwriters' over-allotment option for 750,000 additional units. Trading began on August 8, 2025, under the symbol "SSEAU" on the Nasdaq Capital Market. The ordinary shares and rights will later trade separately under "SSEA" and "SSEAR" respectively. A.G.P./Alliance Global Partners served as the sole book-running manager for the IPO.

Positive

• Successfully raised $57.5 million through IPO
• Full exercise of over-allotment option indicates strong demand
• Listing on major exchange (Nasdaq) provides visibility and liquidity

Negative

• Blank check company structure carries inherent uncertainty until target acquisition
• No specific business operations or acquisition target identified yet
• Potential dilution from rights conversion upon business combination

Insights

SPAC & IPO Specialist

Starry Sea Acquisition Corp completed its $57.5M SPAC IPO, creating a new blank check vehicle seeking acquisition targets.

Starry Sea Acquisition Corp has successfully completed its $57.5 million initial public offering, selling 5,750,000 units at $10.00 each. This includes the full exercise of the underwriters' 750,000 unit over-allotment option, indicating strong initial demand. Each unit contains one ordinary share plus one right to receive one-sixth of an additional ordinary share upon completing a business combination.

The company is structured as a blank check company (SPAC), meaning it has no commercial operations and was formed specifically to raise capital through an IPO for the purpose of acquiring an existing business. The units began trading on Nasdaq under ticker "SSEAU" on August 8, with the ordinary shares and rights eventually trading separately under "SSEA" and "SSEAR" respectively.

A.G.P./Alliance Global Partners served as the sole book-runner, handling the marketing and distribution of the offering. With the capital now secured, Starry Sea's management will begin searching for acquisition targets. For investors, this represents the very beginning of the SPAC lifecycle – the funding phase. The critical next milestone will be identifying and announcing a potential business combination target, which typically must occur within 18-24 months to avoid liquidation and return of funds to investors.

While the IPO size is relatively modest compared to some larger SPACs that raised $200-300 million during the 2020-2021 SPAC boom, this $57.5 million raise is aligned with the current more selective SPAC market that favors smaller, more focused vehicles.

NEW YORK, Aug. 11, 2025 /PRNewswire/ -- STARRY SEA ACQUISITION CORP (the "Company"), a blank check company incorporated in the Cayman Islands, today announced the closing of its previously announced initial public offering ("IPO") of 5,750,000 units at an offering price of $10.00 per unit, with each unit consisting of one ordinary share and one right to receive one-sixth (1/6) of one ordinary share upon the consummation of an initial business combination. This includes the exercise in full by the underwriters' over-allotment option to purchase up to an additional 750,000 units.

The units are listed on The Nasdaq Capital Market ("Nasdaq") under the ticker symbol "SSEAU" and began trading on August 8, 2025. Once the securities comprising the units begin separate trading, the ordinary shares and the rights are expected to be traded on Nasdaq under the symbols "SSEA" and "SSEAR," respectively.

A.G.P./Alliance Global Partners ("A.G.P.") acted as the sole book-running manager for the offering.

Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to the Company.  Robinson & Cole LLP served as legal counsel to A.G.P.

A registration statement on Form S-1 relating to these securities (File No. 333-287976) was previously filed with the Securities and Exchange Commission ("SEC") and was declared effective on August 7, 2025.  This offering was made only by means of a prospectus forming part of the effective registration statement. Copies of the prospectus may be obtained on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

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. No securities regulatory authority has either approved or disapproved of the contents of this press release.

About STARRY SEA ACQUISITION CORP

The Company is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the IPO and search for an initial business combination. 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 IPO 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.

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SOURCE Starry Sea Acquisition Corp.

FAQ

What is the IPO price and total amount raised for STARRY SEA ACQUISITION CORP (SSEAU)?

STARRY SEA ACQUISITION CORP raised $57.5 million through its IPO, offering 5,750,000 units at $10.00 per unit.

What does each SSEAU unit consist of in the IPO?

Each unit consists of one ordinary share and one right to receive one-sixth (1/6) of one ordinary share upon the consummation of an initial business combination.

When did SSEAU stock begin trading and on which exchange?

SSEAU units began trading on August 8, 2025 on the Nasdaq Capital Market under the ticker symbol 'SSEAU'.

What will be the trading symbols for SSEAU's separate securities?

Once the units begin separate trading, the ordinary shares will trade under 'SSEA' and the rights under 'SSEAR' on Nasdaq.

Who was the underwriter for the SSEAU IPO?

A.G.P./Alliance Global Partners acted as the sole book-running manager for the offering.