Go for the gold. An Asia-focused SPAC – Golden Star Acquisition Corp. (GODNU) – raised $60 million on Monday night (May 1, 2023). The deal – the first in May and the 13th SPAC IPO of 2023 – was priced in sync with the terms in its prospectus: 6.0 million units at $10.00 each. The IPO rose 1.6 percent to open at $10.16 at 11:43 a.m. EDT today (Tuesday, May 2, 2023) NASDAQ . Volume: About 1.73 million shares. Golden Star Acquisition edged up another penny to trade at $10.17, up 1.7 percent from its SPAC IPO price, shortly before noon EDT today. At the closing bell, Golden Star Acquisition was at $10.15 – up 15 cents for a gain of 1.5 percent in its first day of trading on NASDAQ. Volume totaled about 5.84 million shares.
Ladenburg Thalmann was the sole book-runner.
Each unit consists of one ordinary share of common stock and one right to receive two-tenths (2/10) of an ordinary share upon the consummation of the initial business combination. Rights must be held in multiples of five, the prospectus says. When the securities underlying the units trade separately, the stock will trade under the symbol – GODN – and the rights will trade under the symbol – GODNR.
The size of Golden Star’s IPO was cut in February to 6.0 million units – down from 10.0 million units initially – according to an S-1/A filing.
Golden Star Acquisition Corp., based in New York, will search for target companies with strategic significance in the Asian markets. Its shopping list will concentrate on businesses with an enterprise value between $300 million and $400 million. Target sectors will include the Internet and high technology, financial technology (FinTech, including technology applied in financial services or used to help companies manage the financial aspects of their business), clean energy, health care, consumer and retail, energy and resources, food processing, manufacturing and education, according to the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.