Ogier has acted as BVI legal counsel on the $50 million IPO on the NASDAQ Capital Market of Pacific Special Acquisition Corp.
Pacific is a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities. The company is not obliged to limit its efforts to identify a target business to a particular industry or geographic region, although it is understood that Pacific intends to focus efforts on seeking a business combination with a company or companies that have their primary operations located in Asia, with an emphasis on China.
Ogier partners Michael Killourhy and Simon Schilder advised Pacific, while New York firm Ellenoff Grossman & Schole LLP acted as Pacific’s US counsel. Graubard Miller acted for the underwriters lead by EarlyBirdCapital, Inc.
The Pacific IPO is the third successful SPAC IPO that Ogier in the BVI has acted on this year and overall is the office’s fifth public equity listing, as issuer counsel, in the BVI in the last 12 months.
Commenting on the deal, partner Michael Killourhy said “The Pacific IPO represents another success for the BVI office’s strong SPAC practice and, with an eye on our current pipeline, we expect more to come before the close of 2015.”