Taiwan-based Special Purpose Acquisition Company (SPAC) Evergreen Corporation was set to debut on the U.S. stock market on Wednesday, a day after announcing its IPO price.

The company offered 10 million units in its IPO at US$10 per share. It will trade the shares on the Nasdaq Global Market (NASDAQ).

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Each unit consists of one Class A common share and one redeemable warrant. Each whole warrant would entitle its holder to purchase one Class A common share at a price of US$11.50 per unit.

The Class A Common Shares and Warrants will trade under the ticker symbols EVGR and EVGRW, respectively. The company granted a 45-day call option to the underwriters to purchase an additional 1.5 million units at the offering price to cover over-allotments, if any.

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The accounting manager for the IPO is EF Hutton, a division of Benchmark Investments LLC. Evergreen’s legal counsel is Loeb & Loeb LLP, while Hutton’s is Pryor Cashman LLP.

The offer is expected to close on February 11.

The Company expects to raise gross proceeds of US$104.80 million if the Over-Allotment Option is not exercised, and if implemented, gross proceeds would be approximately US$120.325 million.

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Evergreen Point of Interest

Evergreen is a blank check corporation formed to effect a merger, asset acquisition or business combination with one or more businesses. The company has not yet declared a specific sector for the business combination.

But analysts said it may look for opportunities in sectors such as AI, fintech, metaverse, e-commerce or related sectors in the ASEAN region. The company is led by its Chairman of the Board and Chief Executive Officer, Liew Choon Lian.

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Conclusion

The US market saw a record number of IPOs in 2021, estimated at around 1,000. More than half of the offerings came from blank check companies. The market has been cooling lately on Omicron and various macro concerns.