AI Transportation Acquisition Corp. (NASDAQ: AITRU) recently announced the closing of its initial public offering of 6,000,000 units at $10.00 per unit. According to the announcement, each unit consists of one ordinary share and one right to receive one-eighth (1/8) of one ordinary share upon consummation of an initial business combination. The underwriter was granted a 45-day option to purchase up to an additional 900,000 units offered by the company to cover over-allotments, if any. The company’s units began trading on the Nasdaq Capital Market under the ticker symbol AITRU on Nov. 9, 2023. Once the securities comprising the units begin separate trading, the company’s ordinary shares and rights are expected to be listed on the Nasdaq Capital Market under the ticker symbols AITR and AITRR, respectively. EF Hutton, division of Benchmark Investments, LLC, acted as sole book running manager in the offering.
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About AI Transportation Acquisition Corp.
The company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company has not selected a business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While the company may pursue a target in any industry, section or geography, it intends to focus the search for a target business in the transportation field, including but not limited to logistics, new energy vehicles, smart parking, on-board chips and AI algorithms, automotive services and related areas of intelligent transportation. The company is led by its Chief Executive Officer Yongjin Chen.
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