The IPO Buzz: Cayson Acquisition Prices $60 Million SPAC IPO with Eyes on Asia

Cayson Acquisition (CAPNU) priced its small IPO – 6.0 million units at $10.00 each – to raise $60.0 million, as expected, on Thursday night, Sept. 19, 2024. The New York-based SPAC intends to focus its search for target businesses throughout Asia, the prospectus said. Cayson Acquisition is the second SPAC IPO priced this week and the fifth SPAC IPO priced so far in September 2024. At pricing, Cayson Acquisition had a market cap of $78.3 million. The SPAC is incorporated in the Cayman Islands. EarlyBirdCapital was the sole book-runner. Revere Securities was the co-manager. Cayson Acquisition’s IPO is expected to start trading today – Friday, Sept. 20, 2024 – on the NASDAQ. Each unit consists of one share of common stock and one right to receive 1/10 (one-tenth) of a share upon completion of an initial business combination. The company said its search for an Asian business will focus on the following sectors –  financial services, technology, biotech, pharmaceutical, advanced materials and clean energy – the prospectus said. Cayson Acquisition said it “will not consummate our initial business combination with an entity or business with China operations consolidated through a variable interest entity (“VIE”) structure.” “Because our management team has a substantial network in the People’s Republic of China, including, solely for purposes of this prospectus, Hong Kong, Taiwan and Macau, which we refer to throughout this prospectus collectively as the “PRC” or “China”, we may pursue a business combination with a company doing business in China, which may have legal and operational risks associated with such a decision.” Yawei Cao, CEO AND chairman of the board of Cayson Acquisition, is the executive director of Hong Kong Dragon Financial Group, the prospectus said.  Mr. Cao and Cayson Holding LP, an entity affiliated with Cayson Acquisition’s officers and directors, “which we refer to throughout this prospectus as our “sponsors,” have agreed that they and/or their designees will purchase from us an aggregate of 230,000 private units at $10.00 per unit” for $2.3 million in a private placement that will close simultaneously with the IPO, the prospectus said. YHN Acquisition I Raises $60 Million in SPAC IPO Earlier this week, another small SPAC IPO – YHN Acquisition I (YHNAU) – also raised $60 million with identical terms. YHN Acquisition I priced 6.0 million units at $10.00 each on Tuesday night, Sept. 17, 2024. Each unit of this SPAC consisted of share of common stock and one right to receive 1/10 (one-tenth) of a share upon the completion of an initial business combination. YHN Acquisition I’s stock ended flat – at $10.00 – on NASDAQ on Wednesday, Sept 18, 2024. YHN Acquisition I said it has not chosen a region or sector as the focus of its search for an acquisition or business combination target. Instead, YHN Acquisition I said it intends “ to search for businesses with strong management teams.” It is incorporated in the British Virgin Islands. CEO Satoshi Tominaga is the managing partner of Norwich Capital, a financial services firm that focuses on SPACs, the prospectus said. CFO Yangyujia An is the vice chair of Norwich Capital, according to the prospectus. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions or anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.