NEW YORK, July 25 (Xinhua) -- Fellazo Inc., a Chinese blank check company targeting the health food and supplement sector, announced Thursday that it has priced its initial public offering (IPO) of 5 million units at 10 U.S. dollars per unit, which is worth 50 million dollars in aggregate.
The units commenced trading on the Nasdaq Capital Market under the ticker symbol "FLLCU" on Thursday.
Each unit consists of one ordinary share, one warrant to purchase one-half of one ordinary share, and one right to receive one-tenth of one ordinary share upon the consummation of the company's initial business combination, Fellazo said in a statement.
Once the securities comprising the units begin separate trading, the ordinary shares, rights and warrants are expected to be listed on Nasdaq under the symbols "FLLC," "FLLCW," and "FLLCR," respectively.
The underwriters have been granted a 45-day option to purchase up to an additional 750,000 units offered by the company to cover over-allotments.
The offering is being made only by means of a prospectus and expected to close on July 29. Maxim Group LLC acted as sole book running manager in the offering.
Headquartered in China's Zhejiang Province, the company claimed that it was incorporated as a Cayman Islands exempted company for the purpose of "effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses."
It intends to focus on acquiring operating companies in the health food and supplement sector and identifying prospective target businesses mainly in Asia.