Appleby is pleased to announce that it acted as Cayman Islands legal counsel to Karman Line Acquisition Corp. (Karma Line), in connection to its initial public offering of 20,000,000 units at an offering price of $10.00 per unit. The gross proceeds from the offering were $200 million.
The units began trading on the Nasdaq Global Market (Nasdaq) under the ticker symbol “XTERU” on August 18, 2026. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant of Karman Line. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, Karman Line expects that its Class A ordinary shares and warrants will be listed on Nasdaq under the symbols “XTER” and “XTERW,” respectively.
The Appleby Capital Markets team was led by Cayman Islands Partner Alexandra Low, Hong Kong Senior Associate Alejandra Gonzalez Saucedo, Cayman Islands Paralegal Sophia Cunningham and Articled Clerk Emily McIntyre, alongside other members of the corporate team.
Appleby continues to play a key role in major IPO and public-market matters worldwide.