Shepherd Ave Capital Acquisition Corp. (SPHAU), a Wilmington, Delaware-based SPAC, priced its small SPAC IPO – 7.5 million units at $10.00 each – to raise $75.0 million on Wednesday night, Dec. 4, 2024. Shepherd Ave Capital Acquisition’s stock opened flat at $10.00 at 10:45 a.m. EST today – Thursday, Dec. 5, 2024 – on the NASDAQ on volume of 541,947 shares, according to NASDAQ. The stock quickly dipped 1 cent to trade at $9.99, just below its IPO price. And that’s where Shepherd Ave Capital Acquisition’s stock ended its first day of NASDAQ trading – down 1 cents at $9.99. Each unit consists of one Class A ordinary share and one right to receive one-fifth of one Class A ordinary share upon completion of the initial business combination.
SPAC Advisory Partners, a division of Kingswood Capital Partners, was the sole book-runner.
At pricing, Shepherd Ave Capital Acquisition became the second SPAC IPO priced so far in December – following Tavia Acquisition (TAVIU) – by just a day. Tavia Acquisition raised $100 million on Tuesday night, Dec. 3, 2024, and made its NASDAQ debut on Wednesday, Dec. 4, 2024. Both SPACS are incorporated in the Cayman Islands.
Shepherd Avenue Capital Acquisition Corp.has not identified a sector or an industry yet as a focus for its search for an acquisition target or a business combination partner, according to the prospectus.
C-Suite’s Roots in NY & China
CEO William W. Snyder, who is also chairman of the board, has extensive experience in corporate finance, financial advisory and business consulting, the prospectus said. Since February 2020, he has served as managing partner of Daedalus Analytics International, a provider of business intelligence and strategy advisory services. Before that, between February 2015 and February 2020, Mr. Snyder served as managing director, Transaction Advisory Services (TAS), at Ernst & Young (EY).
CFO Jia Peng has more than a decade of experience in investment banking and wealth management. She has served as the managing partner of Flying Tiger Capital Management LLC, the investing arm of a private family office since 2021. From December 2013 to December 2020, Ms. Peng was a senior banker in the Corporate and Investment Banking Group of Mizuho Securities USA. During her tenure at Mizuho, Ms. Peng led numerous capital structure and M&A financing advisory assignments with investment-grade clients in the Power and Utility sector. She was part of the team that structured and executed debt and equity issuances for clients.
Shepherd Ave Capital Acquisition said its sponsor, Aitefund Sponsor LLC, is a Delaware limited liability company formed as an investment vehicle to hold the SPAC’s securities and sponsor its SPAC IPO. Mr. Carmelo Caschetto, an Italian citizen located in Cambodia, is the sole manager of the sponsor and its sole member. Mr. Caschetto is an experienced cross-border investor and start-up founder, according to his bio in the prospectus.
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