Kuala lumpur: Origin Investment Corp I, a newly formed special purpose acquisition company, has successfully closed its initial public offering (IPO) of six million units at US$10 per unit, raising US$60 million. (US$1=RM4.21)

According to BERNAMA News Agency, the company stated that the units began trading on the Nasdaq Global Market on July 2 under the ticker symbol ‘ORIQU’. Each unit consists of one ordinary share and one-half of one redeemable warrant. Once separated, the shares and warrants will trade under the symbols ‘ORIQ’ and ‘ORIQW’, respectively.

Only whole warrants, exercisable at US$11.50 per share, may be traded or redeemed. The warrants will become exercisable 30 days after the company’s initial business combination and will expire five years after completion or earlier if redeemed or liquidated. No fractional warrants will be issued.

The company has also provided underwriters with a 45-day option to purchase up to 900,000 additional units at the IPO price to cover over-allotments. The company intends to utilize the net proceeds from the offering and the simultaneous private placement of units to pursue and finalize a business combination with one or more businesses.

ThinkEquity acted as the sole book-running manager for the offering.