Hainan Sirius Acquisition Corp., a special-purpose acquisition company (SPAC), filed paperwork for an initial public offering (IPO) with the Securities and Exchange Commission on Thursday. The SPAC is seeking to raise $60 million in gross proceeds by selling 6 million units at $10 each. This estimation does not account for the possible exercise of an over-allotment option by underwriters.
While Hainan Sirius has expressed its openness to merging with businesses from any sector, industry, or geographic location, it has shown a preference for industries that align with the expertise of its management team. The SPAC is particularly interested in businesses with enterprise values ranging from $500 million to $2 billion.
Following the conclusion of the IPO, the company will have a 15-month timeframe to finalize a business combination. Should it be necessary, this deadline can be extended by depositing funds into the company's trust account.
In line with its public offering plans, Hainan Sirius has applied to list its units on the Nasdaq Global Market. If approved, it will trade under the symbol NASDAQ:HSACU.
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