Lakeshore Acquisition II Corp. Announces Pricing of $60 Million Initial Public Offering

Rhea-AI Summary

Lakeshore Acquisition II Corp. announced the pricing of its initial public offering (IPO) of 6,000,000 units at $10.00 per unit. Each unit comprises one ordinary share, one-half of a redeemable warrant, and a right to receive 1/10 of an ordinary share. The IPO is expected to trade on NASDAQ under the ticker symbol 'LBBBU' starting March 9, 2022, with the offering closing on March 11, 2022. Network 1 Financial Securities, Inc. is the book-running manager, and the underwriters have an option for an additional 900,000 units. The registration statement was declared effective by the SEC on March 8, 2022.

Positive

• Initial public offering of 6,000,000 units raises $60 million at $10.00 per unit.
• Potential for the company to expand through mergers or business combinations.

Negative

• The reliance on investor interest for the success of the IPO amid market uncertainties.

NEW YORK, March 8, 2022 /PRNewswire/ -- Lakeshore Acquisition II Corp. (the "Company"), a newly organized blank check company incorporated as a Cayman Islands exempted company and led by Chairman and CEO Bill Chen, today announced the pricing of its initial public offering of 6,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one ordinary share of the Company, one-half of one redeemable warrant, and one right to receive 1/10 of one ordinary share. Each whole warrant will entitle the holder thereof to purchase one ordinary share at $11.50 per share. The units are expected to trade on the Nasdaq Global Market ("NASDAQ") under the ticker symbol "LBBBU" beginning on March 9, 2022. Once the securities comprising the units begin separate trading, the ordinary shares, the warrants and the rights are expected to be traded on the NASDAQ under the symbols "LBBB", "LBBBW" and "LBBBR," 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 March 11, 2022, subject to customary closing conditions.

Network 1 Financial Securities, Inc. acted as sole book-running manager for the offering. Maxim Group LLC acted as an underwriter and financial advisor in connection with the offering. The Company has granted the underwriters a 45-day option to purchase up to 900,000 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 March 8, 2022. The offering is being made only by means of a prospectus forming a part of the effective registration statement. When available, copies of the prospectus relating to this offering may be obtained by contacting Network 1 Financial Securities, Inc., 2 Bridge Avenue Suite241, Red Bank, NJ 07701, Attention Karen Mu, email kmu@netw1.com or by calling +1(800)886-7007.

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 Lakeshore Acquisition II Corp.

Lakeshore Acquisition II 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 Lakeshore Acquisition II Corp., including those set forth in the Risk Factors section of Lakeshore Acquisition II 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. Lakeshore Acquisition II 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:

Bill Chen
Chief Executive Officer
Lakeshore Acquisition II Corp.
(917)327-9933
bchen65@126.com

View original content:https://www.prnewswire.com/news-releases/lakeshore-acquisition-ii-corp-announces-pricing-of-60-million-initial-public-offering-301498423.html

SOURCE Lakeshore Acquisition II Corp.

FAQ

What is the purpose of Lakeshore Acquisition II Corp.'s IPO on March 9, 2022?

The IPO allows Lakeshore Acquisition II Corp. to raise capital for potential mergers or acquisitions.

What are the trading symbols for Lakeshore Acquisition II Corp. on NASDAQ?

The units will trade under 'LBBBU', while ordinary shares, warrants, and rights will trade under 'LBBB', 'LBBBW', and 'LBBBR' respectively.

How much money is Lakeshore Acquisition II Corp. aiming to raise through its IPO?

The company aims to raise $60 million by offering 6,000,000 units.

Who is managing the IPO for Lakeshore Acquisition II Corp.?

Network 1 Financial Securities, Inc. is the sole book-running manager for the IPO.

When is the expected closing date for Lakeshore Acquisition II Corp.'s IPO?

The IPO is expected to close on March 11, 2022.