KUALA LUMPUR: Technology & Telecommunication Acquisition Corp, has priced its initial public offering of 10 million units at US$10 per unit.
Each unit consists of one share of common stock and one-half of a warrant, exercisable at US$11.50.
The Malaysia-based SPAC (special purpose acquisition company) will be listed on the Nasdaq Global Market and will begin trading on Jan 18, 2022.
Technology & Telecommunication is led by Ng Tek Che, the company’s chairman of the board and chief executive officer.
It is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganisation or similar business combination with one or more businesses.
“The company has not selected any specific business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.
“While the company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the technology and telecommunications sector in Malaysia,” it said in a statement.
EF Hutton, division of Benchmark Investments, 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 1.5 million units at the initial public offering price to cover over-allotments, if any.
The offering is expected to close on January 20, 2022, subject to customary closing conditions.