asia-focused Fortune Joy International Acquisition in an amended S-1 said it now plans to offer 6 million units, down from the 7.5 million units cited in the SPAC's S-1 filed in November 2021. Fourtune Joy initially registered with the sec to offer 4 million units in October 2021.
A unit now consists of one Class A ordinary share, a warrant and one right to receive one-tenth of a share if the SPAC closes a merger. This represents a sweetened offering over the original plan for one unit to consist of a share and half a warrant.
The SPAC is still focused on Asia-Pacific companies engaged in fast-moving consumer goods, internet based e-commerce technologies and new energy industries.
Fortune Joy is led by CEO and Director Long Chen, who founded Beijing Xiying Times Culture Group, an e-commerce based social media and entertainment online shopping company.
US Tiger Securities is managing the offering.
Fortune Joy plans to apply for a nasdaq listing under the ticker symbol XYGJU. Read more.
Source: Fortune Joy Trims Deal Size 20% Ahead of M IPO