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FortuneX Acquisition Corporation is conducting an initial public offering of 7,500,000 units at $10.00 per unit for aggregate gross proceeds of $75,000,000. Each unit comprises one ordinary share and one-half of one redeemable warrant; each full warrant is exercisable at $11.50. Upon closing, $10.10 per public unit will be deposited into a U.S.-based trust account to be used primarily to fund an initial business combination. The Sponsor holds 3,694,429 founder shares purchased for $25,000 (approximately $0.0068 per share) and will purchase 297,500 private units in a concurrent private placement. The Sponsor’s founder shares and private units are subject to lock-ups and forfeiture mechanics tied to the underwriter over-allotment. The Company has a 12-month Combination Period to complete an initial business combination, subject to shareholder-approved extensions.
FortuneX Acquisition Corporation amended its Form S-1 to update terms of its proposed initial public offering of units. The offering remains 7,500,000 units at a price of $10.00 per unit (aggregate $75,000,000) and no additional securities are being registered.
The amendment increases the amount to be held in the trust to $10.10 per public share, adds a crescent term to the offered warrants (units continue to include one ordinary share and one-half of a warrant), and removes the prior provision permitting mandatory exercise of warrants upon the ordinary shares reaching $18.00. The amendment supplements prospectus sections including description of securities, capitalization, dilution, underwriting and use of proceeds.
FortuneX Acquisition Corporation is launching an initial public offering of 7,500,000 units at $10.00 each, for gross proceeds of $75,000,000. Each unit includes one ordinary share and one-half of a redeemable warrant exercisable at $11.50 per share after a business combination.
The SPAC will place $10.05 per public unit into a U.S. trust account, giving public shareholders redemption rights at completion of a business combination, on extensions, or if no deal is completed within 12 months. The sponsor bought 3,694,429 founder shares for $25,000 and will purchase 260,000 private units at $10.00 each, creating substantial potential dilution for public investors.