A Paradise Acquisition Corp. closes $200 million initial public offering

HONG KONG - A Paradise Acquisition Corp. (NASDAQ:APADU) announced Thursday the closing of its initial public offering of 20 million units priced at $10.00 each, raising $200 million. According to InvestingPro data, the stock is currently trading at $10.02, maintaining relatively stable price action since its debut.

Each unit consists of one Class A ordinary share and one right, with the right entitling holders to receive one-eighth of a Class A ordinary share upon completion of the company’s initial business combination. The units began trading on the Nasdaq Capital Market under the ticker "APADU" on Wednesday. InvestingPro analysis reveals the stock trades with notably low price volatility, with a tight 52-week range between $9.99 and $10.03.

The blank check company, also known as a special purpose acquisition company (SPAC), plans to focus on businesses in the leisure and entertainment sector. It was formed to effect a merger, share exchange, asset acquisition, or similar business combination. With a current ratio of 0.01 and negative earnings per share of -$0.02, investors can access deeper financial analysis and SPAC-specific metrics through InvestingPro’s comprehensive toolkit.

Cohen & Company Capital Markets served as the sole book-running manager for the offering. The company has granted the underwriter a 45-day option to purchase up to 3 million additional units to cover potential over-allotments.

The U.S. Securities and Exchange Commission declared effective the company’s registration statement on Form S-1 on July 29.

Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to trade on Nasdaq under the symbols "APAD" and "APADR," respectively.

The information in this article is based on a company press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.