ClearThink 1 Acquisition Corp. completed its initial public offering of 12,500,000 units at $10.00 per unit, raising gross proceeds of $125,000,000. Each unit includes one Class A ordinary share and a right to receive one-fifth of a Class A ordinary share after a business combination.
The sponsor also purchased 315,000 private units at $10.00 each, adding $3,150,000. A total of $125,000,000, representing IPO proceeds after commissions plus funds from the private units, was deposited into a U.S.-based trust account, to be used for an initial business combination or for redemptions if no deal is completed within 21 months of the IPO closing.
The company entered customary agreements, including underwriting, rights, registration rights, trust, administrative services, and indemnity agreements with its directors and officers. ClearThink 1 is a blank check company targeting business combinations in the financial services sector in the United States and other developed countries.
ClearThink 1 Acquisition Corp. is offering 12,500,000 units at $10.00 per unit, representing a $125,000,000 public offering with an underwriter option to purchase up to 1,875,000 additional units. Each unit comprises one Class A ordinary share and one right to receive one-fifth of one Class A ordinary share upon consummation of an initial business combination.
The company is a Cayman Islands blank check company focused on financial services targets in the U.S. and developed countries, will deposit proceeds (approximately $125.0 million, or $143.75 million if over-allotment exercised) into a U.S. trust account, and has a 21-month completion window to effect an initial business combination.