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Pacifico Acquisition Corp. (NASDAQ: PAFOU) has successfully completed its business combination with Caravelle Group Co., Ltd, a global ocean technology company. The deal, approved by shareholders on November 30, 2022, will result in the combined company, Caravelle International Group, commencing trading on Nasdaq under the symbol 'CACO' on December 19, 2022. Both companies expressed optimism about the new growth opportunities and value creation for shareholders stemming from this merger.
Pacifico Acquisition Corp. (Nasdaq: PAFO) has announced the postponement of its merger with Caravelle Group Co., Ltd due to unmet closing conditions. The transaction, aimed at combining Pacifico's resources with Caravelle's innovative carbon-neutral shipping solutions, is now targeted for completion within 30 calendar days. This merger is significant as Caravelle is positioned as a leader in ocean technology, focusing on sustainability in shipping and timber industries.
Pacifico Acquisition Corp. (Nasdaq: PAFO) has announced the approval of its business combination with Caravelle Group Co., Ltd, a leader in ocean technology. During the special meeting on November 30, 2022, 82.65% of shares were represented, with 82.13% voting in favor of the merger. Notably, 99.56% of public stockholders opted to redeem shares, totaling 5,724,921 ordinary shares. The merger aims to create Caravelle International Group, set to trade under the new ticker symbol 'CACO' post-closing, which will enhance its position in the carbon-neutral shipping industry.
Caravelle Group Co., Ltd, an ocean technology firm, has entered into a merger agreement with Pacifico Acquisition Corp (NASDAQ: PAFO). The deal values the combined entity at approximately $527 million. Upon completion, expected in fall 2022, Caravelle will go public on Nasdaq. The transaction is projected to yield around $100 million in cash, which includes a $60 million PIPE and up to $58 million from Pacifico's trust account. Existing Caravelle shareholders will roll over 100% of their equity.
Pacifico Acquisition Corp. (NASDAQ: PAFOU) has successfully issued an additional 750,000 units following the underwriters' over-allotment option during its IPO, generating $7.5 million. This brings the total gross proceeds to $57.5 million. Trading of the units commenced on September 14, 2021, and they consist of one share of common stock and one right for future stock issuance. Common stock and rights are expected to trade under the symbols PAFO and PAFOR, respectively. Chardan was the sole book-running manager for the offering.
Pacifico Acquisition Corp. (NASDAQ: PAFOU) has priced its initial public offering (IPO) at $10.00 per unit, comprising 5,000,000 units. Trading will commence on NASDAQ on September 14, 2021. Each unit includes one common stock share and one right to receive a tenth of a share upon a business combination. An additional 750,000 units may be purchased by underwriters to cover over-allotments. The offering is projected to close on September 16, 2021, pending standard conditions. The company focuses on mergers and acquisitions in the new energy, biotech, and education sectors primarily in Asia.
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