Longevity LOACU = 1C, 1R, 1W to buy 1/2.
Target 4D pharm - Michael J Fox hype.
November 20, 2020, special meeting .. from November 30, 2020 to May 29, 2021
Following redemptions of 1,200 of the Ordinary Shares in connection with the Extension, a total of approximately $14.6 million will remain in the Trust Account.
As the date hereof, there are 2,626,822 ordinary shares issued and outstanding. The per-share pro rata portion of the trust account was approximately $10.74 as of October 9, 2020.
In the Proxy Statement, the Company announced that it has agreed that if the Extension is approved, the Company will deposit into the trust account $0.025 for each public share that is not redeemed, for each monthly period, or portion thereof, that is needed by the Company to complete an initial business combination from November 30, 2020 until the date of the consummation of its business combination (the “Original Contribution”).
In the Press Release, the Company announced that it has agreed that if the Extension is approved, for public shares that is not redeemed by the Company’s shareholders in connection with the Extension (each, a “Remaining Share”), for each monthly period, or portion thereof, that is needed by the Company to complete an initial business combination during the Extension, it will deposit $0.05 per month for each Remaining Share (the “Revised Contribution”). The Revised Contribution will be deposited as additional interest on the proceeds in the trust account and will be distributed pro rata as a part of redemption amount to each Remaining Share in connection with a future redemption.
Offering 4mm units. + 600,000 over-allotment?
Warrant - 2 + $11.50.
Trust $10.00. - $40mm+ JP Morgan - short-term investments with an original maturity of three months or less.
Deadline 12 months extendable to 21 at .10 per 3 month period.
1st Deadline 9/31/19.
Focus: China - total enterprise value of between $150,000,000 and $250,000,000.
Following redemptions of 2,643,178 of the Ordinary Shares in connection with the Extension, a total of approximately $14,401,874.06 million will remain in the Trust Account.
Matthew Chen has served as our Chairman and Chief Executive Officer since June 2018. Since January 2018, Mr. Chen has served as Vice President of XiaoMingTaiJi Anime Limited Co., where Mr. Chen is mainly responsible for equity investment, acquisitions and corporate financing. From 2011 to January 2018, Mr. Chen served as the global head of the credit derivative market making platform at JP Morgan’s London branch. From 2008 to 2011, Mr. Chen served as the Asia credit derivative risk analysis manager at JP Morgan’s Hong Kong branch. From 2005 to 2008, Mr. Chen served as Managing Director at Bear Stearns, responsible for the firm’s equity derivative strategic product development. From 2003 to 2005, Mr. Chen served as Vice President at Realty Data Corp. an independent mortgage data provider. From 1998 to 2003, Mr. Chen served as Senior Manager at Imagine Software, a quantitative financial model provider. Mr. Chen holds a BS from Florida State University and MS Degree of Computer Science from New York University. We believe Mr. Chen is qualified to serve as a director because of his extensive financial and operations experience and the extensive network he has established throughout his career.
Teddy Zheng has served as our Chief Financial Officer since July 2018. Mr. Zheng has served as executive director of Cyngus Equity, an investment and financial advisory firm in China, since October 2015. From April 2014 to October 2015, Mr. Zheng worked in the investment banking division of Lazard in China. From November 2010 to March 2014, Mr. Zheng worked in the investment banking division of JPMorgan First Capital in China. From June 2009 to October 2010, Mr. Zheng worked in the M&A and corporate finance division of UBS Investment Bank in China. Mr. Zheng received a bachelor degree in management information systems from Beijing Information Technology Institute and a master degree in management science and engineering from the School of Economics and Management of Tsinghua University.
Feng Peng is a member of our board of directors as of the date hereof. Mr. Peng has served as managing partner of Linden Rose Investment LLC since January 2017, where he manages assets for multi-family offices. Mr. Peng has also served as a director of USANA Health Sciences, Inc. since 2016. From March 2013 to December 2016, Mr. Peng served as the Chief Financial Officer of Ossen Innovation Co., Ltd. (Nasdaq: OSN). Mr. Peng served as Senior Vice President at MZ Group from August 2007 until September 2012. Prior to working at MZ Group, he served in various capacities at Thomson Financial and Citigroup. Mr. Peng graduated from New Jersey Institute of Technology in Computer Science, earning a Master of Science degree. Mr. Peng earned a bachelor’s degree in Automation Control from Shanghai Jiao Tong University in Shanghai, China. Mr. Peng is certified Senior International Finance Manager (SIFM) in China. We believe Mr. Peng is qualified to serve as a director because of his extensive financial and operations experience and the extensive network he has established throughout his career.
Jun Liu is a member of our board of directors as of the date hereof. Mr. Liu has served as the president of Beijing Wanfeng Xingye Investment Management Co., Ltd., an investment company in China, since January 2014. From 2004 to January 2014, he served as the president of Zhongansheng Investment Consulting Co, Ltd. From 2002 to 2004, Mr. Liu served as the vice president of Beijing Xingyun Co., Ltd. From 1999 to 2002, Mr. Liu served as the CEO of Weixin (China) Venture Investment Co., Ltd. and the director of Venture Capital Research Center of Renmin University. From 1993 to 1996, Mr. Liu served as government official in the State Auditing Administration. Mr. Liu represented Beijing Xingyun in its acquisition transaction by Pepsi twenty years ago. He also advised Xinhua Media on its reverse merger with Zhizhen Tech (HK: 02371). His investment portfolios cover wide range of sectors, including TMT, education, clean energy, technology, and chemical industries. Mr. Liu received his bachelor degree of Finance and Accounting from Wuhan University in 1989 and received his MBA degree from Renmin University China in 1999. We believe Mr. Liu is qualified to serve as a director because of his extensive financial, investment and M&A experience and the extensive network he has established throughout his career.
Jason Zhang is a member of our board of directors as of the date hereof. Mr. Zhang has been managing several growth equity funds in China, including Ccin Capital Investment (Zhuhai) Corp. since June 2018, Ebula Investment Fund since December 2017, Blue Stone Capital since March 2015 and Mingen Capital since March 2013. Mr. Zhang has also served as Managing Director of SBI Financial Holding Group China since January 2017. Mr. Zhang has specialized in equity and debt financing for public private partnership projects, including infrastructure projects and characteristic town projects recently promoted by the Chinese government. From 2007 to 2012, Mr. Zhang founded and operated three start-up internet commerce companies: Seven Day Ecommerce Co., Ltd, New Dream Technology Co., Ltd. and Weipin Industries Co., Ltd. Mr. Zhang received his MBA degree from Zhejiang University. We believe Mr. Zhang is qualified to serve as a director because of his extensive financial, investment experience and the extensive network he has established throughout his career.
Bill Huo, our advisor since our inception, serves in a non-executive capacity on behalf of our company, in connection with legal and business development matters. Mr. Huo has served as counsel of the law firm Ellenoff Grossman & Schole LLP, our legal counsel, since April 2014. Mr. Huo’s corporate and securities law practices concentrate on cross-border corporate finance, merger and acquisition transactions and general corporate advice. Mr. Huo has advised Chinese clients with respect to initial public offerings, financings and M&A transactions. In addition, Mr. Huo has counseled U.S. companies transacting business in and related to China. Previously, Mr. Huo was an associate at the law firm Kramer Levin Naftalis & Frankel LLP from 2006 to 2013. Before that, Mr. Huo served as legal counsel of China Resources Corporation, a Fortune 500 conglomerate company based in Hong Kong and China. Mr. Huo received a LLM degree from Cornell Law School, a LLM degree from the University of Bristol and a LLM degree from Renmin University in 1998.
We currently expect Mr. Huo to (i) assist us in sourcing potential business combination targets and (ii) provide his legal insights when we assess potential business combination targets. However, Mr. Huo will not be a member of the board, nor will he have any voting or decision making capacity on our behalf. Mr. Huo will also not be subject to the fiduciary requirements to which our board members are subject and will have no contractual commitments to us.