Harneys acted as counsel to Lakeshore Acquisition I Corp in relation to its listing on the Nasdaq Capital Market (NASDAQ) under the ticker symbol "LAAAU" beginning 11 June 2021. Its initial public offering of 5,000,000 units is at an offering price of US$10.00 per unit.
Lakeshore Acquisition I Corp. is a blank check company, also commonly referred to as a special purpose acquisition company (SPAC). A SPAC is a newly incorporated company that goes to IPO to raise capital to fund a strategic acquisition 18-24 months later. Lakeshore Corp is incorporated as a Cayman Islands exempted company. Over the course of 2020, more than a third of SPACs were incorporated in either the Cayman Islands or the British Virgin Islands, according to SPAC Insider.
The Harneys team was led by Shanghai Associate Lily Zhang with support from co-head of the firm’s global Corporate group Raymond Ng and Paralegal Bing Huang. This is the third IPO Lily and Raymond have advised on together this month.
Zhang commented: “SPACs are surging in the alternative IPO space due to their fast and cost effective access to the market, so it was a very exciting opportunity for our team to advise on this deal. Congratulations to Lakeshore Corp on their successful listing.”
The corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience regarding all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The firm’s ECM expertise lie in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, Shanghai Stock Exchange and the Luxembourg Stock Exchange.