Ogier advises Embrace Change Acquisition Corp on US$65 million SPAC IPO

Ogier acted as Cayman Islands counsel to Embrace Change Acquisition Corp, a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, on its US$65 million initial public offering (IPO) on Nasdaq.

The company had announced the pricing of the IPO of its 6,500,000 units at an offering price of US$10 per unit on 9 August 2022. The units issued by the company started trading under the ticker symbol "EMCGU" on the Nasdaq Global Market on 10 August 2022.

Embrace Change Acquisition Corp intends to pursue business combinations with targets in the technology, internet and consumer sectors which have strong industry competencies and a strong sense of environmental, social and governance (ESG) principles.

The Ogier team in Hong Kong was led by counsel Rachel Huang with support from the firm's global head of Corporate, Nathan Powell, and paralegals Vicky Wu and Kingston Tang. Ogier worked alongside with Loeb & Loeb LLP as the US counsel, EF Hutton, division of Benchmark Investments LLC as the sole book-running manager and Tiger Brokers as the co-manager for the IPO.

Rachel said: "This transaction further reinforces Ogier's market position in providing premium legal and corporate administration services to Cayman and BVI SPACs and other public issuers. We are delighted to assist our clients and contribute to their sustainable and ESG investment journey."