Don't worry, we speak : Español (Spanish), too!
Rose Hill Acquisition Corp. made its public debut on Nasdaq after raising $124 million in a deal that seeks to invest in Latin America. The Special Purpose Acquisition Company (SPAC) is already trading under the ticker symbol “ROSEU”.
For its U.S. initial public offering (IPO), this SPAC sold 12,5 million units at $10 each. So far, the sole book-running manager for the offering is Cantor Fitzgerald & Co, a financial services firm that focuses on equities, fixed income and foreign exchange, investment banking, preferred services, real estate, and asset management.
As of Oct. 14, the company granted the underwriters a 45-day option to purchase up to an additional 1,875,000 units at the initial public offering price to cover over-allotments, if any, Rose Hill Acquisition Corp. detailed in a statement.
Who is behind the new SPAC?
As is often the case with SPACs, Rose Hill Acquisition Corp. is a “blank-check” company that was formed to effect a merger, stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more companies or entities, but in Latin America.
Leading the company are Peruvian Juan Jose Rosas, who used to be a junior professional tennis player, and Albert G. Hill IV of U.S., who comes from a family of the oil industry; he is the great-great-grandson of HL Hunt. Both Hill and Rosas are 23 years old and share the role of CFO.
According to Bloomberg, with the new SPAC, the two entrepreneurs will focus on companies valued at less than one billion. They face less competition on Nasdaq, since there are already few SPACs in New York that focus on the Latin American market.