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Starry Sea Acquisition Corp (SSEAU) completed its initial public offering of $57.5 million, the blank check company announced. The Cayman Islands-incorporated company sold 5.75 million units at $10 per unit.
Each unit consists of one ordinary share and one right to receive one-sixth of an ordinary share upon completion of an initial business combination. The offering included the full exercise of underwriters’ over-allotment option for an additional 750,000 units.
The units began trading on the Nasdaq Capital Market under ticker "SSEAU" on August 8. Once the securities begin separate trading, ordinary shares and rights are expected to trade under symbols "SSEA" and "SSEAR," respectively.
A.G.P./Alliance Global Partners served as sole book-running manager for the offering. Pillsbury Winthrop Shaw Pittman LLP provided legal counsel to the company, while Robinson & Cole LLP advised A.G.P.
The Securities and Exchange Commission declared the company’s Form S-1 registration statement effective on August 7. The special purpose acquisition company was formed to pursue mergers, acquisitions or similar business combinations with other businesses or entities.