YHN Acquisition I Limited Announces Closing of $60,000,000 Initial Public Offering

Rhea-AI Summary

YHN Acquisition I announced the closing of its initial public offering, raising $60 million by selling 6,000,000 units at $10.00 per unit. The units, trading under the symbol "YHNAU" on Nasdaq, comprise one ordinary share and one right to receive one-tenth of an ordinary share upon business combination. Once trading separately, the shares and rights will use symbols "YHNA" and "YHNAR" respectively.

As a blank check company, YHN Acquisition I aims to merge or acquire businesses, without specific industry or geographic focus. Led by CEO Satoshi Tominaga, the company has not yet selected a target. Lucid Capital Markets, is the sole book-runner, with a 45-day option to purchase up to 900,000 additional units to cover over-allotments.

Positive

• Successful IPO raising $60 million in gross proceeds
• Listing on Nasdaq Global Market, providing liquidity and visibility
• Flexible structure allowing for various business combination opportunities
• 45-day over-allotment option for underwriters, potentially increasing capital raised

Negative

• No specific business target identified yet, increasing uncertainty
• Potential dilution for shareholders upon exercise of rights
• Blank check company structure carries inherent risks for investors

Insights

Financial Analyst

YHN Acquisition I 's successful $60 million IPO marks a significant milestone in the SPAC (Special Purpose Acquisition Company) market. With units priced at $10 each, the offering aligns with typical SPAC structures. The inclusion of rights to receive 10% of an additional share post-merger adds an attractive incentive for investors. However, it's important to note that the company has yet to identify a target, which introduces uncertainty. The 45-day over-allotment option for an additional $9 million could potentially boost the war chest to $69 million, enhancing acquisition capabilities. Investors should remain cautious, as SPAC success heavily depends on management's ability to secure a profitable merger within the typical two-year timeframe.

Market Research Analyst

The launch of YHN Acquisition I on Nasdaq reflects ongoing investor appetite for SPACs, despite recent market cooling. The $60 million raise, while modest compared to some high-profile SPACs, indicates continued interest in this investment vehicle. Key points for investors:

• Broad target scope allows flexibility but may also signal lack of specific industry expertise
• Led by CEO Satoshi Tominaga, whose track record will be crucial
• Lucid Capital Markets as sole book-runner suggests a focused, potentially niche offering

The SPAC's performance will largely depend on market conditions and the quality of the eventual merger target. Investors should closely monitor management's progress in identifying and securing a suitable acquisition.

New York, NY, Sept. 19, 2024 (GLOBE NEWSWIRE) -- YHN Acquisition I Limited (the “Company”) announced today the closing of its initial public offering of 6,000,000 units at $10.00 per unit (the “Offering”). The aggregate gross proceeds of the Offering are $60 million, prior to deducting underwriting discounts, commissions, and other Offering expenses.

The units are listed on the Nasdaq Global Market (“Nasdaq”) and began trading on Wednesday, September 18, 2024, under the ticker symbol “YHNAU”. Each unit consists of one ordinary share and one right to receive one-tenth of one ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “YHNA” and “YHNAR” respectively.

The Company is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected a business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic location. The Company is led by its Chief Executive Officer, Mr. Satoshi Tominaga.

Lucid Capital Markets, LLC is acting as the sole book-running 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 Lucid Capital Markets, LLC, 570 Lexington Avenue, 40th Floor, New York, New York 10022.

A registration statement on Form S-1 (File No. 333-279308) relating to these securities, as amended, has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on September 17, 2024.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 initial public offering and the anticipated use of the 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

YHN Acquisition I Limited
2/F, Hang Seng Building
200 Hennessy Road, Wanchai
Hong Kong
Attn: Satoshi Tominaga, Chief Executive Officer
Email: stominaga8@outlook.com

FAQ

How much did YHN Acquisition I (YHNA) raise in its IPO?

YHN Acquisition I raised $60 million in gross proceeds by selling 6,000,000 units at $10.00 per unit in its initial public offering.

What is the trading symbol for YHN Acquisition I 's units on Nasdaq?

The units of YHN Acquisition I are trading on Nasdaq under the symbol 'YHNAU'.

What does each unit of YHN Acquisition I (YHNA) consist of?

Each unit consists of one ordinary share and one right to receive one-tenth of one ordinary share upon the consummation of an initial business combination.

Who is the CEO of YHN Acquisition I (YHNA)?

The Chief Executive Officer of YHN Acquisition I is Mr. Satoshi Tominaga.

What is the business purpose of YHN Acquisition I (YHNA)?

YHN Acquisition I is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.