Cayson Acquisition (CAPNU) priced its small IPO – 6.0 million units at $10.00 each – to raise $60.0 million, as expected, on Thursday night, Sept. 19, 2024. The New York-based SPAC intends to focus its search for target businesses throughout Asia, the prospectus said. Cayson Acquisition is the second SPAC IPO priced this week and the fifth SPAC IPO priced so far in September 2024. Cayson Acquisition’s IPO opened flat at $10.00 at 10:20 a.m. EDT today – Friday, Sept. 20, 2024 – on the NASDAQ on volume of 225,632 shares. Shares of Cayson Acquisition closed on Friday, Sept. 20, 2024, at $10.00 – off a session high at $10.02 – on NASDAQ volume of about 1.22 million shares.
Each unit consists of one share and one right to receive 1/10 (one-tenth) of a share upon completion of an initial business combination, according to Cayson Acquisition’s prospectus.
At pricing, Cayson Acquisition had a market cap of $78.3 million. The SPAC is incorporated in the Cayman Islands.
EarlyBirdCapital was the sole book-runner. Revere Securities was the co-manager.
The company said its search for an Asian business will focus on the following sectors – financial services, technology, biotech, pharmaceutical, advanced materials and clean energy – the prospectus said.
Cayson Acquisition said it “will not consummate our initial business combination with an entity or business with China operations consolidated through a variable interest entity (“VIE”) structure.”
“Because our management team has a substantial network in the People’s Republic of China, including, solely for purposes of this prospectus, Hong Kong, Taiwan and Macau, which we refer to throughout this prospectus collectively as the “PRC” or “China”, we may pursue a business combination with a company doing business in China, which may have legal and operational risks associated with such a decision.”
Yawei Cao, CEO AND chairman of the board of Cayson Acquisition, is the executive director of Hong Kong Dragon Financial Group, the prospectus said.
Mr. Cao and Cayson Holding LP, an entity affiliated with Cayson Acquisition’s officers and directors, “which we refer to throughout this prospectus as our “sponsors,” have agreed that they and/or their designees will purchase from us an aggregate of 230,000 private units at $10.00 per unit” for $2.3 million in a private placement that will close simultaneously with the IPO, the prospectus said.
YHN Acquisition I Raises $60 Million in SPAC IPO
Earlier this week, another small SPAC IPO – YHN Acquisition I (YHNAU) – also raised $60 million with identical terms. YHN Acquisition I priced 6.0 million units at $10.00 each on Tuesday night, Sept. 17, 2024. Each unit of this SPAC consisted of share of common stock and one right to receive 1/10 (one-tenth) of a share upon the completion of an initial business combination. YHN Acquisition I’s stock ended flat – at $10.00 – on NASDAQ on Wednesday, Sept 18, 2024.
YHN Acquisition I said it has not chosen a region or sector as the focus of its search for an acquisition or business combination target. Instead, YHN Acquisition I said it intends “ to search for businesses with strong management teams.” It is incorporated in the British Virgin Islands.
CEO Satoshi Tominaga is the managing partner of Norwich Capital, a financial services firm that focuses on SPACs, the prospectus said.
CFO Yangyujia An is the vice chair of Norwich Capital, according to the prospectus.
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