Global law firm K&L Gates has acted as underwriter counsel to A.G.P./Alliance Global Partners, a US wealth management and financial services firm, in connection with Lakeshore Acquisition III’s initial public offering.
Lakeshore Acquisition III, the third blank check company formed by CEO of Shanghai Renaissance Investment Management, raised US$69 million by offering 6.9 million units at US$10 each. Each unit consists of one ordinary share and one right to receive one-sixth of one ordinary share upon the completion of an initial business combination. This includes the exercise in full by the underwriters' over-allotment option to purchase up to an additional 900,000 units.
The units are listed on Nasdaq under the ticker symbol “LCCCU”. Once the securities comprising the units begin separate trading, the ordinary shares and the rights are expected to be traded on Nasdaq under the symbols “LCCC” and “LCCCR”, respectively.
The SPAC’s prospective target business will not be limited to a particular industry, though it plans to focus on businesses in the Americas, Europe, and Asia.
The Corporate deal team was led by Shanghai partner Max Gu and New York partner Robert Matlin, with support from associate Zidong Liu.
Gu stated: “Given the current state of the markets, private companies are showing renewed interest in exploring de-SPACs as an alternative means of accessing public markets. Our global Corporate team remains well positioned to assist investors and private companies explore all available fundraising options across all key financial hubs.”
K&L Gates’ Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers in offices on five continents, providing clients with practical legal solutions in the structuring, financing, and completion of domestic, international, and cross-border transactions.