NEW YORK and SHANGHAI,
Oct. 23, 2015 /PRNewswire/ -- Pacific Special Acquisition
Corp. (Nasdaq: PAACU) ("Pacific" or the "Company") announced
today that the underwriters of its initial public offering have
exercised their over-allotment option in full to purchase 750,000
units and that the closing of the sale of such units has taken
place. The option units were sold at an offering price of
$10.00 per unit, generating
additional gross proceeds of $7,500,000 to the Company and bringing the total
gross proceeds of the initial public offering to $57,500,000. In connection with the
over-allotment option exercise, Zhengqi International Holding
Limited, the Company's sponsor, and EarlyBirdCapital, Inc., the
sole book running manager for the offering purchased additional
units through a private placement.
Of the proceeds received from the consummation of the
over-allotment option exercise and the private placement of units,
$7,800,000 was placed in trust, for a
total of $59,800,000 (or $10.40 per share sold in the public offering)
held in trust. A pro forma balance sheet of the Company as of
October 23, 2015 reflecting receipt
of the proceeds upon consummation of the over-allotment option and
the private placement will be included as an exhibit to a Current
Report on Form 8-K to be filed by the Company with the Securities
and Exchange Commission.
This press release shall not constitute an offer to sell or the
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.
This offering was made only by means of a prospectus. Copies of
the prospectus relating to this offering may be obtained by
contacting EarlyBirdCapital, Inc., 366 Madison Avenue,
8th Floor, New York, New
York 10017. Copies of the registration statement can be
accessed through the SEC's website at www.sec.gov.
About Pacific
Pacific is a blank check company, also commonly referred to as a
Special Purpose Acquisition Company, or SPAC, formed for the
purpose of acquiring, engaging in a share exchange, share
reconstruction and amalgamation, purchasing all or substantially
all of the assets of, entering into contractual arrangements, or
engaging in any other similar business combination with one or more
businesses or entities. The Company's efforts to identify a target
business will not be limited to a particular industry or geographic
region, although it intends to focus efforts on seeking a business
combination with a company or companies that have their primary
operations located in Asia, with
an emphasis on China. Pacific is being sponsored by Zhengqi
International Holding Limited, a subsidiary of Pacific Securities
Co. Ltd.
Forward-Looking Statements
This press release includes "forward-looking statements" that
are not historical facts, and involve risks and uncertainties that
could cause actual results to differ materially from those expected
and projected. Words such as "expects", "believes", "anticipates",
"intends", "estimates", "seeks" and variations and similar words
and expressions are intended to identify such forward-looking
statements. Such forward-looking statements relate to future events
or future performance, but reflect Pacific
management's current beliefs, based on information currently
available. A number of factors could cause actual events,
performance or results to differ materially from the events,
performance and results discussed in the forward-looking
statements. For information identifying important factors that
could cause actual results to differ materially from those
anticipated in the forward looking statements, please refer to the
Risk Factors section of Pacific's final prospectus for its offering
filed with the Securities and Exchange Commission. Except as
expressly required by applicable securities law, the Company
disclaims any intention or obligation to update or revise any
forward looking statements whether as a result of new information,
future events or otherwise.
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SOURCE Pacific Special Acquisition Corp.