Maxpro Capital Acquisition Corp. Announces Closing of Initial Public Offering and Full Exercise of Over-Allotment Option

Rhea-AI Summary

Maxpro Capital Acquisition Corp., a Taiwan-based SPAC, has successfully closed its IPO, raising approximately $103.5 million from issuing 9,000,000 units at $10.00 per unit, including an over-allotment of 1,350,000 units. Each unit comprises one share of Class A common stock and one redeemable warrant. The company plans to explore business combinations, focusing on sectors like healthcare and technology. The offering was managed by EF Hutton, and strategic oversight is provided by its sponsor, Maxpro Ventures Ltd.

Positive

• Raised approximately $103.5 million through IPO.
• Focused on sectors with potential for growth, such as healthcare and technology.
• The management team's extensive experience in target industries can enhance acquisition success.

Negative

• No assurance on the completion of the offering as planned.
• Forward-looking statements indicate risks related to market conditions and regulatory approvals.

Taipei City, Oct. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Maxpro Capital Acquisition Corp. (the “Company”), a Taiwan based SPAC, today announced the closing of its initial public offering (the “Offering”) of 9,000,000 units at $10.00 per unit. Each unit consists of one share of Class A common stock and one redeemable warrant. The underwriters exercised their over-allotment option in full for an additional 1,350,000 units at the time of the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, is approximately $103.5 million, prior to deducting underwriting discounts, commissions, and other Offering expenses.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus on industries that complement its management team’s background and to capitalize on the ability of the management team to identify and acquire a business where the management team has extensive experience. Sectors the Company plans on exploring include, but are not limited to, the healthcare and technology industries, specifically within the biotechnology and pharmaceutical sectors.

The Company is sponsored by an affiliate of Maxpro Ventures Ltd., a respected Taiwan based venture capital firm specialized in the healthcare industry.

EF Hutton, division of Benchmark Investments, LLC, acted as sole book running manager for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from EF Hutton, division of Benchmark Investments LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on October 7, 2021.  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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Maxpro Capital Acquisition Corp.
5/F-4, No. 89
Songren Road, Xinyi District
Taipei City 11073
Attn: Moses Chen
Chief Executive Officer
m.chen@maxproventures.com
+886 2 7713 7952

FAQ

What is the significance of Maxpro Capital Acquisition Corp.'s IPO?

Maxpro Capital Acquisition Corp. raised approximately $103.5 million, enabling it to pursue strategic business combinations in focused industries.

What are the terms of Maxpro Capital's IPO?

Maxpro Capital issued 9,000,000 units at $10.00 each, including 1,350,000 additional units from the over-allotment, each consisting of one share of Class A common stock and one redeemable warrant.

What industries is Maxpro Capital looking to target for mergers?

Maxpro Capital intends to focus on the healthcare and technology sectors, specifically in biotechnology and pharmaceuticals.

Who managed the IPO for Maxpro Capital Acquisition Corp.?

EF Hutton, a division of Benchmark Investments, acted as the sole book running manager for the IPO.

Why are there risks associated with Maxpro Capital's IPO?

Forward-looking statements in the press release indicate potential risks regarding the offering's completion and anticipated use of proceeds affected by market conditions.