Technology & Telecommunication Acquisition Corporation Announces Closing of Initial Public Offering and Exercise of Full Over-Allotment Option

Rhea-AI Summary

Technology & Telecommunication Acquisition Corporation has successfully completed its IPO, raising $115 million by issuing 11.5 million units at $10.00 each. Each unit comprises one Class A ordinary share and one redeemable warrant, with the latter granting the ability to purchase additional shares at $11.50. The units began trading on Nasdaq under the ticker 'TETEU' on January 18, 2022. Although the company is a blank check entity without a specific target for acquisition, it aims to focus on companies within the technology and telecommunications sectors in Malaysia.

Positive

• Successfully raised $115 million in IPO.
• Units began trading on Nasdaq under 'TETEU'.
• Intention to focus on technology and telecommunications sectors in Malaysia.

Negative

• None.

KUALA LUMPUR, MALAYSIA, Jan. 20, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Technology & Telecommunication Acquisition Corporation (the "Company") announced today that it closed its initial public offering (the “Offering”) of 10,000,000 units at $10.00 per unit. Each unit consists of one of the Company's Class A ordinary shares and one redeemable warrant. Each warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. The underwriters exercised their over-allotment option in full for an additional 1,500,000 units at the time of the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, are $115 million, prior to deducting underwriting discounts, commissions, and other Offering expenses.

The units have been listed on the Nasdaq Global Market ("Nasdaq") and began trading on Tuesday, January 18, 2022, under the ticker symbol "TETEU". 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, served as the sole book running manager for the Offering.

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

The Offering was 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 the Offering has been 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 anticipated use of the net proceeds of the Offering. 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 final 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 total amount raised in Technology & Telecommunication Acquisition Corporation's IPO?

The IPO raised a total of $115 million.

When did the units of Technology & Telecommunication Acquisition Corporation start trading on Nasdaq?

The units began trading on Nasdaq on January 18, 2022.

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

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

What are the components of each unit in the IPO?

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

What will the warrants allow investors to do?

The warrants allow investors to purchase one Class A ordinary share at a price of $11.50.