AI Transportation Acquisition, a special purpose acquisition company (SPAC) managed by a Beijing-based team, has filed to raise up to $50 million in an initial public offering (IPO) in the US.
In its filing with the US Securities and Exchange Commission (SEC), the blank cheque firm said it is offering five million units at $10 apiece, with each unit consisting of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and three-quarters of a warrant, exercisable at $11.50.