Cohen & Co. is the SPAC’s lone underwriter, Ellenoff Grossman & Schole and Graubard Miller provided GSME with legal services. The SPAC has agreed to sell to its underwriter up to 360,000 units at $15 each, it stated in its federal filing. The SPAC will sell $10 units that provide shares and warrants on a one-for-one basis. The warrants’ strike price is set for $11.50.
Blank checks targeting China have performed particularly well in 2009; some that have already brought companies public that have in turn generated value include Spring Creek Acquisition Co. and China Opportunity Acquisition Co. Recently, China-focused blank checks TM Entertainment & Media and 2020 ChinaCap Acquiro have each also sealed deals that brought additional China-based targets to list on public markets.
Asset class experts have said that in the future, blank checks will have to tailor themselves more to the size that GSME and Asia Select Acquisition Co., which is the lone other SPAC that has submitted paperwork to regulators this year and is yet to price its offering.
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