Giant Oak Acquisition in an amended S-1 filing noted it now plans to offer 10 million units at $10 each, down from the 20 million units registered with the SEC in February 2022.
A unit still consists of one ordinary share, one right to receive one-tenth of a share upon the closing of an initial business combination, and a warrant.
The sponsor and some members of the SPAC's board have significant business ties to or are based in china and Hong Kong. Giant Oak said it may consider a business combination with an entity or business with a physical presence or other significant ties to China or Hong Kong.
Giant Oak plans to draw on the management team's experience to target a range of companies, including those with a connection to the Asian markets.
Chairwoman and CEO Lei Zhang has been an Advisor at Ivy Capital since January 2019, providing consulting services for start-up companies to improve their operations, sales, and strategies. CFO Changjiang (River) Chi also serves as the Chief Financial Officer of Venus Acquisition, a SPAC that completed its public offering in February 2021.
Ladenburg Thalmann is sole book-running manager of the offering.