Copley Acquisition, a special purpose acquisition company (SPAC) backed by Hong Kong-based investment firms Pacific Aegis Capital Management (PACM), Gobi Partners and Hermitage Capital, plans to raise $150 million on the New York Stock Exchange ( NYSE).
The SPAC has priced its initial public offering (IPO) of 15 million units at $10 each, according to a filing Friday with the U.S. Securities and Exchange Commission.
The SPAC’s listing could take place in February 2025, subject to regulatory approval. The proceeds will be used for merger objectives in the technology and lifestyle sectors in North America and Asia Pacific, excluding China.
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“We look for opportunities supported by the stock market recovery, especially as new developments take place [US] The government will take office next year,” Copley co-CEO Francis Ng said on Monday. “The publicly traded SPAC should be able to benefit from the market momentum next year.”
Francis Ng, the co-CEO of Copley Acquisition, was the president and CFO of Black Spade Acquisition when it completed a $23 billion merger with VinFast Auto in August 2023. Photo: AFP alt=Francis Ng, the co-CEO of Copley Acquisition , was the president and CFO of Black Spade Acquisition when it completed a $23 billion merger with VinFast Auto in August 2023. Photo: AFP>
Copley said in the filing that the technology and lifestyle industries, especially those that are the primary beneficiaries of next-generation technology, offer “ample opportunities for business combinations.”
Co-CEO Chibo Tang is a managing partner at Gobi Partners, a venture capital firm based in Hong Kong and Kuala Lumpur with US$1.6 billion in assets under management. Gobi invests in sectors such as artificial intelligence (AI), fintech, consumer, healthcare and sustainability.
Copley’s CFO and President Menghan Henry Zhang is the president and managing partner of Hermitage Capital, a technology-focused private equity firm with $1 billion in assets under management. The company’s investments include Horizon Robotics, a provider of autonomous driving solutions, SmartMore, a provider of AI smart manufacturing, and XTalPi, a drug discovery company.
Copley will focus on sectors including electric vehicles, robotics and cybersecurity, and lifestyle services including luxury apparel, wellness and travel.
