October 19, 2021
Washington, D.C. - Deal teams led by Andy Tucker closed two initial public offerings (IPOs) totaling $218.5 million. Associates Kaylen Loflin, Zalak Raval, and Wei Zhou joined Tucker in the closings. The teams represented the special purpose acquisition companies (SPACs) Maxpro Capital Acquisition Corp. and FAT Projects Acquisition Corp.
Representing Maxpro Capital, a Taiwan-based SPAC, Tucker, Loflin, and Raval served as counsel for the company and closed an IPO of 9,000,000 units at $10 per unit totaling $90 million. The company's underwriter, EF Hutton, exercised their overallotment option in full resulting in proceeds of $103.5 million.
Representing FAT, a Singapore-based SPAC, Tucker and Zhou served as counsel for the company and closed an IPO of 10,000,000 units at $10 per unit totaling $100 million. The company's underwriter, EF Hutton, exercised their overallotment option in full resulting in proceeds of $115 million.
Both clients are blank check companies 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.
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