NEW YORK, Aug. 19, 2015 /PRNewswire/ -- E-compass Acquisition Corp. (NASDAQ: ECACU) (the "Company") today announced that it has completed its initial public offering of 4,000,000 units at an offering price of $10.00 per unit for aggregate gross proceeds of $40,000,000. Each unit consists of one ordinary share, par value $.0001 per share, and one right to receive one-tenth of one ordinary share upon consummation of an initial business combination.
Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, $40,800,000 was placed in trust. An audited balance sheet of the Company as of August 18, 2015 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 Securities and Exchange Commission.
The Company is a Cayman Islands exempted company incorporated as a blank check company formed for the purpose of entering into a share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities, or entering into contractual arrangements that give it control over such a target business. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region of the world, although the Company initially intends to focus on target businesses in the People's Republic of China that operate in the e-commerce and consumer retail industry.
Cantor Fitzgerald & Co. acted as the sole underwriter for the initial public offering. The offering was made by means of a prospectus, copies of which may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov. Alternatively, a copy of the prospectus relating to the offering may be obtained from Cantor Fitzgerald & Co., 499 Park Avenue, 5th Floor, New York, NY 10022 Attention: Capital Markets, email: Prospectus@Cantor.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Contact: Richard Xu Chief Executive Officer E-compass Acquisition Corp. +1 (646) 912 8918 email@example.com
SOURCE E-compass Acquisition Corp.