Chinese SPAC Jeneration Acquisition pulls plans for $300M US IPO

By Val Kennedy,

Chinese SPAC Jeneration Acquisition (JACAU) has withdrawn plans to hold a US initial public offering to raise $300M for a business combination in the technology sector.

The Hong Kong-based SPAC had filed to offer 30M units at $10 per unit. Each unit was to consist of one share plus on-third of one warrant to buy one share at $11.50.

The SPAC had planned to list on the Nasdaq under the symbol JACAU.

Jeneration had planned to use the cash to seek out a business combination with a technology company focused on mobility, online services, software, e-commerce, AI, robotics or clean energy. The SPAC was particularly interested in striking a deal with a company with operations in Asia, particularly Greater China.

Jeneration SPAC is backed by Hong Kong-based investment firm Jeneration Group, which has $3B in assets under management.

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