ESH Acquisition Corp announced that its downsized initial public offering of 10 million units will be priced at $10 per unit for total proceeds of $100 million.
Initially, the company had intended to offer 30 million units at a price of $10 per unit, per a filing with the Securities and Exchange Commission (SEC).
The company’s stock will debut on the Nasdaq Stock Market LLC under the ticker symbol “ESHAU” beginning on June 14, 2023.
Each unit will consist of one share of Class A common stock and one right, which entitles the holder to receive one-tenth of a share of its Class A common stock upon consummation of the company’s initial business combination.
Once the securities that make up the units begin to trade separately, the shares of Class A common stock are expected to be listed under the ticker symbol “ESHA” and the rights under “ESHAR.”
The offering is expected to close on or about June 16, 2023.
According to SPAC Insider, the offering brings the total special purpose acquisition companies (SPAC) deal count for the year-to-date to 16.
ESH Acquisition was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, according to a regulatory filing.
The company said it intends to focus its search on businesses in the global entertainment sports, and hospitality sectors but may pursue an initial business combination target in any business, industry, or geographical location.
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