Lakeshore Acquisition I Corp. (LAAA) Prices 5M Unit IPO at $10/Unit

June 11, 2021 6:29 AM EDT

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Lakeshore Acquisition I Corp. (NASDAQ: LAAA), a newly organized blank check company incorporated as a Cayman Islands exempted company and led by Chairman and CEO Bill Chen, today announced the pricing of its initial public offering of 5,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one ordinary share of the Company and three-quarters of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one ordinary share at $11.50 per share. The units are expected to trade on the Nasdaq Capital Market ("NASDAQ") under the ticker symbol "LAAAU" beginning June 11, 2021. Once the securities comprising the units begin separate trading, the ordinary shares and the warrants are expected to be traded on the NASDAQ under the symbols "LAAA" and "LAAAW," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The offering is expected to close on June 15, 2021, subject to customary closing conditions.

Craig-Hallum Capital Group and Roth Capital Partners are acting as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to 750,000 additional units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to the securities sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on June 10, 2021. The offering is being made only by means of a prospectus.

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