8i Acquisition 2 Corp. Announces Pricing of $75 Million Initial Public Offering

Rhea-AI Summary

8i Acquisition 2 Corp announced the pricing of its initial public offering (IPO) on November 22, 2021. The offering will consist of 7,500,000 units priced at $10.00 each, including one ordinary share, one redeemable warrant, and one right for a fractional share. Trading on Nasdaq under the ticker symbol LAXXU is set to commence on the same day, with the closing of the offering anticipated on November 24, 2021. Maxim Group LLC is the sole book-running manager, and a 45-day overallotment option for 1,125,000 additional units is available.

Positive

• Initial public offering priced at $10.00 per unit, potentially attracting investor interest.
• Units consist of a combination of shares, warrants, and rights, enhancing investor value.

Negative

• The offering is subject to customary closing conditions, introducing uncertainty.
• The reliance on forward-looking statements may pose risks; actual terms may diverge.

Singapore, Nov. 22, 2021 (GLOBE NEWSWIRE) -- 8i Acquisition 2 Corp. (the “Company”), a newly organized blank check company incorporated as a British Virgin Islands business company and led by Chief Executive Officer, Meng Dong (James) Tan, today announced the pricing of its initial public offering of 7,500,000 units at an offering price of $10.00 per unit, with each unit consisting of one ordinary share, one redeemable warrant, and one right to receive one-tenth (1/10) of an ordinary share. Each whole warrant will entitle the holder thereof to purchase purchase one-half (1/2) of one ordinary share, and each ten rights entitle the holder thereof to receive one ordinary share. The exercise price of the warrants is $11.50 per full share. The units are expected to trade on the Nasdaq Global Market, (“Nasdaq”) under the ticker symbol “LAXXU” beginning on November 22, 2021. Once the securities comprising the units begin separate trading, the ordinary shares, warrants and rights will be traded on Nasdaq under the symbols “LAX,” “LAXXW,” and “LAXXR,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The offering is expected to close on November 24, 2021, subject to customary closing conditions. 

Maxim Group LLC is acting as sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to 1,125,000 additional units at the initial public offering price to cover over-allotments, if any. 

A registration statement relating to the securities sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 22, 2021. The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, or by accessing the SEC’s website, www.sec.gov. 

This press release shall not constitute an offer to sell or a 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. 

About 8i Acquisition 2 Corp. 

8i Acquisition 2 Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering (“IPO”) and search for an initial business combination. 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 8i Acquisition 2 Corp., including those set forth in the Risk Factors section of 8i Acquisition 2 Corp.’s registration statement and preliminary prospectus for the IPO filed with the SEC. Copies are available on the SEC's website, www.sec.gov. 8i Acquisition 2 Corp. undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. 

Contact Information: 

At the Company:

William Yap, CFA

Chief Financial Officer

Email: ir@8icorp.com

Phone: +65 6788-0388 

Investor Relations:

Sherry Zheng

Weitian Group LLC

Email: shunyu.zheng@weitian-ir.com

Phone: +1 718-213-7386 

FAQ

What is the offering price for 8i Acquisition 2 Corp's IPO?

The offering price for 8i Acquisition 2 Corp's IPO is $10.00 per unit.

When did 8i Acquisition 2 Corp's units begin trading?

8i Acquisition 2 Corp's units began trading on November 22, 2021.

What does each unit of 8i Acquisition 2 Corp consist of?

Each unit consists of one ordinary share, one redeemable warrant, and a right to receive one-tenth of an ordinary share.

What is the ticker symbol for 8i Acquisition 2 Corp on Nasdaq?

The ticker symbol for 8i Acquisition 2 Corp on Nasdaq is LAXXU.

Is there any option for over-allotment in the IPO?

Yes, the underwriter has a 45-day option to purchase up to 1,125,000 additional units.