White Pearl Acquisition Corp. Announces Closing of $115 Million Initial Public Offering

Rhea-AI Summary

White Pearl Acquisition Corp (Nasdaq: WPACU) closed its initial public offering of 11,500,000 units at $10.00 per unit, raising gross proceeds of approximately $115 million, which included the full exercise of a 1,500,000-unit over-allotment option. Units began trading on the NYSE under WPACU on February 2, 2026.

Each unit contains one Class A ordinary share and one right; each right entitles the holder to receive one-fifth of one Class A ordinary share upon completion of an initial business combination. D. Boral Capital acted as sole book-running manager. The offering followed an SEC-declared effective Form S-1 (File No. 333-290905) on January 30, 2026.

Positive

• Raised approximately $115 million in gross proceeds from the IPO
• Underwriters fully exercised a 1,500,000-unit over-allotment
• Units began trading on NYSE as WPACU on February 2, 2026

Negative

• Blank check structure means no target business has been disclosed yet
• Units include rights converting to equity (1/5 share per right), which affects share count upon a business combination

NEW YORK, Feb. 3, 2026 /PRNewswire/ -- White Pearl Acquisition Corp. (Nasdaq: WPACU) (the "Company"), a blank check company incorporated as a British Virgin Islands business company 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, today announced the closing of its previously announced initial public offering of 11,500,000 units at an offering price of $10.00 per unit, which includes 1,500,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. Each unit consists of one Class A ordinary share and one right. Each right entitles the holder to receive one-fifth (1/5) of one Class A ordinary share upon consummation of the Company's initial business combination. The units began trading on The New York Stock Exchange ("NYSE") under the ticker symbol "WPACU" on February 2, 2026. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to trade on NYSE under the symbols "WPAC" and "WPACR," respectively.

D. Boral Capital LLC acted as the sole book-running manager for the offering.

A registration statement on Form S-1 (File No. 333-290905) (the "Registration Statement") relating to the securities to be sold in the initial public offering, as amended, was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on January 30, 2026. The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering 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 info@dboralcapital.com, or by accessing the SEC's website, www.sec.gov. 

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 White Pearl Acquisition Corp. 

White Pearl Acquisition Corp. 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. White Pearl Acquisition Corp. intends to focus on businesses in the financial technology (FinTech), information technology (InfoTech) and business services sectors.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds and search for an initial business combination. 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. 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 White Pearl Acquisition Corp.

FAQ

What did White Pearl Acquisition Corp (WPACU) announce on February 3, 2026?

They announced the closing of an initial public offering of 11,500,000 units at $10.00 each. According to White Pearl Acquisition Corp, the offering included a 1,500,000-unit over-allotment and raised about $115 million gross.

When did WPACU begin trading on the NYSE and under which symbol?

Units began trading on the NYSE on February 2, 2026 under the ticker WPACU. According to White Pearl Acquisition Corp, Class A shares and rights are expected to trade separately as WPAC and WPACR once split.

What does each WPACU unit consist of and how do the rights convert?

Each unit consists of one Class A ordinary share and one right; each right converts to one-fifth of a Class A share upon a business combination. According to White Pearl Acquisition Corp, conversion occurs upon consummation of the initial business combination.

Who managed the WPACU offering and when was the S-1 declared effective?

D. Boral Capital LLC served as sole book-running manager for the offering. According to White Pearl Acquisition Corp, the SEC declared the amended Form S-1 (File No. 333-290905) effective on January 30, 2026.