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AIB Acquisition Corporation (NASDAQ: AIB) is a publicly traded special purpose acquisition company (SPAC) formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. As of December 27, 2023, AIB has entered into a definitive agreement with PSI Group Holdings Ltd (“PSI”), a global logistics service provider based in Hong Kong specializing in cross-border air freight services. The business combination will result in both companies becoming wholly-owned subsidiaries of a newly incorporated Cayman Islands company, PS International Group Ltd. (“Pubco”), which plans to list its securities on the Nasdaq Stock Market.
PSI Group Holdings Ltd. is a well-established logistics and supply chain solutions provider, founded in 1993. Headquartered in Hong Kong, PSI operates globally through its subsidiaries, Profit Sail Int’l Express (H.K.) Limited and Business Great Global Supply Chain Limited. The company offers integrated logistics services that combine ocean, air, and overland transportation. PSI's key customers include postal operators, e-commerce merchants, and various senders and consignees.
PSI has demonstrated remarkable growth, with revenue reaching $67.1 million for the six months ending June 30, 2023, marking a 36% year-on-year increase. The company's gross profit also showed a significant rise, achieving $7.6 million for the same period, a 106% increase compared to the previous year. PSI is strategically focused on expanding its cross-border e-commerce capabilities through strategic partnerships and investments in a smart logistics system.
Mr. Yee Kit Chan, Chairman of PSI, remarked on the importance of the merger with AIB as a milestone in PSI's journey to go public in the US. This move is expected to enhance PSI's global presence and improve its network in international logistics, facilitating cross-border trade for customers and stakeholders.
The business combination values PSI at an approximate pre-money enterprise value of $200 million and is expected to be completed in the first quarter of 2024, contingent upon regulatory approvals and shareholder consent. The combined entity, Pubco, will continue to be led by Mr. Chan, ensuring experienced leadership and continuity in operations.
The business combination has been unanimously approved by the boards of both AIB and PSI. Further details regarding the transaction, including the Business Combination Agreement, will be available in a Current Report on Form 8-K filed by AIB with the SEC.
PS International Group (PSI), a global logistics service provider, and AIB Acquisition (Nasdaq: AIB), a special purpose acquisition company, announced the completion of their business combination on July 18, 2024.
Following the merger, PSI's ordinary shares will begin trading on Nasdaq under the ticker symbol PSIG on July 19, 2024. PSI specializes in cross-border air freight services and aims to expand its reach in the logistics industry, including e-commerce logistics.
The transaction marks a significant milestone for PSI, emphasizing their commitment to enhancing capabilities and delivering sustainable growth. Details about the business combination will be available in a Form 8-K filed by AIB and a Form 6-K filed by PSI with the SEC.
AIB Acquisition Corporation has successfully closed its initial public offering (IPO) of 8,625,000 units at $10.00 per unit, providing gross proceeds of $86,250,000. The units started trading on Nasdaq under the ticker symbol AIBBU on January 19, 2022. Each unit comprises one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon the business combination's completion. Maxim Group LLC served as the book-running manager for this offering, with a registration statement declared effective by the SEC on January 18, 2022.
AIB Acquisition Corporation announced the pricing of its initial public offering (IPO) of 7,500,000 units at $10.00 per unit, to be traded under the ticker symbol AIBBU starting January 19, 2022. Each unit includes one Class A ordinary share and a right to receive one-tenth of a share upon completing a business combination. The offering is set to close on January 21, 2022, pending customary conditions. Maxim Group LLC is the sole underwriter, with a 45-day option for an additional 1,125,000 units to cover over-allotments.
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