FlatWorld Acquisition Corp., blank check company newly registered in the British Virgin Islands and having the purpose of acquiring or merging with an operating business in the global business services sector as well as in emerging Asian markets including China and India, announced the pricing of its initial public offering of 2,200,000 units at a price of US$10.00 per unit, for gross proceeds of US$22,000,000.
BVI company’s units, each consisting of one ordinary share and one warrant to purchase one ordinary share at an exercise price of US$11.00 per share, appear on the OTC Bulletin Board under the ticker symbol “FTWAU“.
Prior to the initial public offering, Flatword Acquisition consummated a private placement to the company’s sponsor, FWAC Holdings Limited, of 2,000,000 insider warrants at a price of US$0.75 per warrant. No placement fees will be payable in connection with the private placement.
Approximately US$22,440,000 of the gross proceeds of the public offering and private placement will be deposited into a trust account of Continental Stock Transfer & Trust Company, acting as the trustee.