Generation Asia I Acquisition Limited Announces Closing of $200 Million Initial Public Offering
NEW YORK and HONG KONG, January 24, 2022 — Generation Asia I Acquisition Limited (the “Company”) today announced the closing of its initial public offering of 20,000,000 units at $10.00 per unit. The units began trading on The New York Stock Exchange (“NYSE”) on Thursday, January 20, 2022 under the ticker symbol “GAQ.U”. Each unit consists of one Class A ordinary share of the Company, par value US$0.0001 per share (the “Class A Ordinary Share”), and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A Ordinary Shares and redeemable warrants are expected to be listed on NYSE under the symbols “GAQ” and “GAQWS" respectively.
Nomura Securities International, Inc. acted as the global coordinator and sole bookrunner of the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price less the underwriting discount to cover over-allotments, if any.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on January 19, 2022. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $202,000,000 (or $10.1 per unit sold in the public offering) was placed in the Company’s trust account. An audited balance sheet of the Company as of January 24, 2022 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the SEC.
The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies may be obtained, when available, by writing to Equity Syndicate Department, Nomura Securities International, Inc., Worldwide Plaza, 309 West 49th Street, New York, New York 10019-7316, or by telephone at 212-667-9000, or by email at firstname.lastname@example.org.
About Generation Asia I Acquisition Limited
The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). While the Company may pursue the Business Combination with a company in any industry, sector or geographic region (excluding China, Hong Kong and Macau), the Company intends to focus its search on a target that is at least partially owned by a financial sponsor(s) with operations or prospective operations in the technology, media & telecommunications, business services, or consumer sectors across Asia, in particular North Asia and Southeast Asia.
This press release contains statements that constitute “forward-looking statements,” including with respect to (i) the proposed initial public offering, (ii) the anticipated use of the net proceeds thereof, and (iii) the plan for and consummation of the Business Combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement and prospectus filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Telephone: +852 2131 8900
Released January 24, 2022