The IPO Buzz: Aimei Health Technology (AFJKU) Rises 1.5 Percent in NASDAQ Debut

Shares of Aimei Health Technology Co. Ltd. (AFJKU) gained 1.5 percent in their NASDAQ debut on Monday (Dec. 4, 2023). The New York-based SPAC’s stock closed at $10.15 – up 15 cents or 1.5 percent –  in its first day of NASDAQ trading on volume of about 6.2 million shares. Aimei Health’s stock  opened at $10.21 – up 21 cents or 2.1 percent from its IPO price – at 10:45 a.m. EST today on the NASDAQ. Around midday, Aimei Health’s stock was trading at $10.18 – up 18 cents or 1.8 percent – on volume of 5.72 million shares.

Aimei Health Technology’s SPAC IPO was priced on Friday (Dec. 1, 2023) after the closing bell. The blank check company’s IPO was priced in sync with the terms in its prospectus: 6.0 million units at $10.00 each to raise $60.0 million. Each unit consists of one share of stock and one right to receive one-fifth (1/5) of one ordinary share upon consummation of an initial business combination.

Spartan Capital was the sole book-runner.

Aimei Health Technology is the first SPAC IPO of December – and the 29th SPAC IPO priced so far this year.

“It is our intention to pursue prospective targets that are focused on healthcare innovation,” Aimei Health Technology said in the prospectus.

The company said it plans to target “what are traditionally known as ‘small cap’ companies domiciled in North America, Europe and/or the Asia Pacific (“APAC”) regions that are developing assets in the biopharmaceutical, medical technology/medical device and diagnostics space, which aligns with our management team’s experience in operating healthcare companies and in drug and device technology development as well as diagnostic and other services.”

Aimei Health Technology said it will not enter into an initial business combination with a target company with its principal operations in China, including Hong Kong and Macau.

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