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Hainan Manaslu Acquisition Corp. (HMAC) has announced a definitive business combination agreement with Able View Inc., a cross-border brand management company. This transaction values the combined entity at approximately US$400 million on a pro-forma basis, pending shareholder approvals. Able View has exhibited strong growth, with revenues of US$117 million in 2021 and a CAGR of 82% from 2017 to 2021. Post-transaction, shareholders of Able View will own approximately 80.3% of the new combined entity, expected to trade on Nasdaq as Able View Global Inc. The deal is expected to close in Q2 2023.
Hainan Manaslu Acquisition Corp. (HMACU) successfully closed its initial public offering on August 15, 2022, raising $69 million by issuing 6,900,000 units at $10.00 each. This included 900,000 units from the underwriter's overallotment option. Units began trading on Nasdaq on August 11, with each unit comprising one ordinary share, a redeemable warrant, and a right. Additionally, a private placement generated $3.4 million. The company aims to pursue a business combination, focusing on sectors complementary to its management team's expertise.
Hainan Manaslu Acquisition Corp. has announced the pricing of its initial public offering (IPO) of 6,000,000 units at $10.00 each, set to list on Nasdaq under the symbol HMACU starting August 11, 2022. Each unit will comprise one ordinary share, one redeemable warrant, and one right. The warrants allow the purchase of one share at $11.50. Ladenburg Thalmann & Co. Inc. is the sole book-running manager, with an option for underwriters to purchase up to 900,000 additional units. The IPO aims to facilitate a business combination but will not involve companies operating in China through a variable interest entity structure.
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