Malacca Straits Acquisition Company Limited Announces the Early Separate Trading of its Class A Ordinary Shares and Warrants

Rhea-AI Summary

Malacca Straits Acquisition Company Limited announced that starting August 6, 2020, investors can separately trade the 14,375,000 units sold in its IPO, which include Class A ordinary shares and warrants. These securities will trade on The Nasdaq Capital Market under the symbols MLAC for shares and MLACW for warrants. Units not separated will continue to trade under MLACU. The offering was managed by BTIG, LLC, and co-managed by I-Bankers Securities, Inc. The Company focuses on mergers and acquisitions with Southeast Asian conglomerates in various sectors.

Positive

• Holders can trade shares and warrants separately, potentially increasing liquidity.
• The separation allows for more flexible investment options for shareholders.

Negative

• None.

NEW YORK, NY, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Malacca Straits Acquisition Company Limited (the “Company”) announced today that, commencing August 6, 2020, holders of the 14,375,000 units sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares and warrants included in the units. Class A ordinary shares and warrants that are separated will trade on The Nasdaq Capital Market under the symbols “MLAC” and “MLACW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on The Nasdaq Capital Market under the symbol “MLACU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the units into Class A ordinary shares and warrants.

The units were initially offered by the Company in an underwritten offering. BTIG, LLC acted as the sole book running manager for the offering and I-Bankers Securities, Inc. acted as co-manager of the offering. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from BTIG, LLC at 65 East 55th Street, New York, NY 10022, or by email at equitycapitalmarkets@btig.com. A registration statement relating to these securities became effective on July 14, 2020. 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.

About Malacca Straits Acquisition Company Limited

The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, the Company intends to focus on businesses which are currently part of Southeast Asian business conglomerates in the media, food processing, renewable energy and healthcare industries

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements”. 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 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

Kenneth Ng
Chief Executive Officer and President
+852 21060888

FAQ

When can I start trading the shares and warrants for MLACU?

Starting August 6, 2020, you can trade the shares under the symbol MLAC and the warrants under MLACW.

What are the trading symbols for Malacca Straits Acquisition Company Limited?

The Class A ordinary shares trade under MLAC, warrants under MLACW, and unseparated units trade under MLACU.

Who managed the initial public offering for MLACU?

BTIG, LLC acted as the sole book running manager, with I-Bankers Securities, Inc. as co-manager.

What is the focus of Malacca Straits Acquisition Company Limited?

The Company intends to focus on mergers and acquisitions with Southeast Asian conglomerates in sectors like media, food processing, renewable energy, and healthcare.

Is there a prospectus available for the MLACU offering?

Yes, copies of the prospectus can be obtained from BTIG, LLC or accessed through the SEC's website.