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DUBAI / WAM
Shuaa Capital, asset management and investment banking platform in the region, on Wednesday announced the successful pricing of the initial public offering (IPO) of 10,000,000 units of SHUAA Partners Acquisition Corp I at $10.00 per unit.
The $100 million Special Purpose Acquisition Company (SPAC) will be listed on Nasdaq Global Market (Nasdaq) and will start trading under the ticker symbol (SHUAU) starting from Wednesday.
Each unit issued in the IPO consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share after the consummation of a business combination. Only whole warrants will be exercisable.
The Company will focus on identifying and merging with technology and/or tech-enabled financial services businesses based in the Middle East, North Africa, and Turkey (MENAT) region. The Company is sponsored by a wholly-owned subsidiary of Shuaa, which recently led the successful listing of Anghami, the first Arab technology company on Nasdaq, via a similar SPAC transaction.
Spacs listed on Nasdaq also provide “acquisition currency”, which is very important for technology and tech-enabled financial services businesses.