Technology & Telecommunication Acquisition Corporation Announces Pricing of $100,000,000 Initial Public Offering

Rhea-AI Summary

Technology & Telecommunication Acquisition Corporation has announced the pricing of its initial public offering (IPO) of 10 million units at $10.00 each, set to begin trading on Nasdaq under the ticker symbol 'TETEU' on January 18, 2022. Each unit consists of one Class A ordinary share and one redeemable warrant, allowing the purchase of a share at $11.50. The company aims to pursue a merger or acquisition target, focusing on technology and telecommunications sectors in Malaysia. The offering is expected to close on January 20, 2022, subject to standard closing conditions.

Positive

• Successful pricing of IPO at $10.00 per unit.
• Focus on technology and telecommunications sectors in Malaysia could yield strong business opportunities.

Negative

• No specific business combination target selected yet could delay future growth.
• Dependency on the successful closure of the IPO process to proceed with growth initiatives.

KUALA LUMPUR, MALAYSIA, Jan. 14, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Technology & Telecommunication Acquisition Corporation (the "Company") announced today that it priced its initial public offering of 10,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market ("Nasdaq") and will begin trading on Tuesday, January 18, 2022, under the ticker symbol "TETEU". Each unit consists of one of the Company's Class A ordinary shares and one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols "TETE" and "TETEW," respectively.

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. The Company has not selected any specific business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the technology and telecommunications sector in Malaysia. The Company is led by Tek Che Ng, the Company’s Chairman of the Board and Chief Executive Officer.

EF Hutton, division of Benchmark Investments, LLC, is acting as the sole book running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on January 20, 2022, subject to customary closing conditions.

Loeb & Loeb LLP is serving as legal counsel to the Company. Becker & Poliakoff, LLP is serving as counsel to EF Hutton, division of Benchmark Investments, LLC. 

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, 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 ("SEC") on January 14, 2022. A final prospectus relating to this offering will be filed with the SEC. 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 Company’s initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. 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 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.

Company Contact:
Tek Che Ng
Chief Executive Officer
Email: tekche.ng@tete-acquisition.com
Phone: +60123348193

FAQ

What is the ticker symbol for Technology & Telecommunication Acquisition Corporation?

The ticker symbol for Technology & Telecommunication Acquisition Corporation is TETEU.

When will shares of TETEU start trading?

Shares of TETEU will begin trading on January 18, 2022.

How many units are being offered in the initial public offering?

The initial public offering includes 10 million units.

What is included in each unit of TETEU?

Each unit consists of one Class A ordinary share and one redeemable warrant.

What is the price at which warrants can be exercised?

The warrants can be exercised at a price of $11.50 per share.