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NEW YORK - Starry Sea Acquisition Corp announced Monday the completion of its initial public offering, raising $57.5 million through the sale of 5,750,000 units priced at $10.00 each. The stock is currently trading at $10.03, with an average daily trading volume of 2.53 million.
The Cayman Islands-incorporated blank check company, also known as a special purpose acquisition company (SPAC), sold each unit consisting of one ordinary share and one right to receive one-sixth of an ordinary share upon completing an initial business combination.
The offering included the full exercise of underwriters’ over-allotment option to purchase an additional 750,000 units. The units began trading on the Nasdaq Capital Market under the ticker symbol "NASDAQ:SSEAU" on August 8, 2025.
Once the securities begin separate trading, the ordinary shares and rights are expected to trade under the symbols "NASDAQ:SSEA" and "NASDAQ:SSEAR," respectively.
A.G.P./Alliance Global Partners served as the sole book-running manager for the offering, with Pillsbury Winthrop Shaw Pittman LLP providing legal counsel to the company.
The Securities and Exchange Commission declared the company’s registration statement effective on August 7, 2025.
As a blank check company, Starry Sea Acquisition Corp was formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities, according to the press release statement. InvestingPro data shows the company maintains a Fair financial health rating, though it currently operates at a loss with earnings per share of -$0.07.
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