Home » APSG is Approved for Business Combination and New SPAC IPO filing

APSG is Approved for Business Combination and New SPAC IPO filing

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Apollo Strategic Growth Capital (APSG) SPAC Deal Approved

On 26 May 2022, a special meeting was held between SPAC APSG and American Express Global Business Travel. After the meeting, they announced that the shareholders have voted to approve the business combination with more than 95% vote from overall entitled votes. 

The shareholder approval did not create much buzz in the stock price. About 1.3 M shares were traded yesterday with +4.3% growth in the stock price. Till then the stock price is steady and has not shown much fluctuation. The SPAC company has not disclosed the redemption number yet. 

The business combination is expected to close today on Friday (27 May 2022), and once completed the combined company will be renamed Global Business Travel Group, Inc. It is expected to trade on NYSE under the ticker “GBTG”

Energy Focused SPAC filed for a $50 million IPO

SPAC Aquaron Acquisition has filed on SEC to raise $50 million from an initial public offering (IPO). Once approved, the company plans to offer 5 M units at $10. Each unit will have one common share, one right share, and one warrant. 

The right share will give the right to receive 1/10th of a share upon completion of an initial business combination. Each warrant will be exercisable at $11.50 during the redemption period. The company plans to list on NASDAQ under the ticker AQUNU. 

The SPAC is led by Jie Weng, CEO, and Chairman of the company. He is also the director of Private Equity and Real Assets Investing at PICC Capital Equity Investment company. Qingze Zhao is the CFO and Director of the SPAC, who is also the consultant at Wang and Partners Consulting, a boutique management consulting firm.

The aim of the SPAC company is to acquire a company from the energy sector with an enterprise value of more than $150 million. Other sectors that the company might focus on are EV, warehouse and logistics, automation, and other tech-related environments.

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