Walkers Advises on South Korean Funds-Backed SPAC IPO

Walkers acted as Cayman Islands counsel to Valuence Merger Corp. I, a newly incorporated Cayman blank check company, on its initial public offering of 20,000,000 units, at a price of US$10.00 per unit, resulting in total gross proceeds of US$200 million.

Each unit consisted of one Class A ordinary share and one-half of one redeemable warrant, each warrant entitling the holder thereof to purchase one Class A ordinary share at a price of US$11.50 per share. The Company's units commenced trading on the Nasdaq Capital Market ("Nasdaq") on March 1, 2022, under the symbol "VMCAU".

The SPAC intends to target and combine with a business in Asia (excluding China, Hong Kong, and Macau) in the life science and sustainable technology sector.

This IPO marks the first Nasdaq-listed SPAC organised by Korean private equity fund managers and bio specialists.

The Walkers team was led by Hong Kong-based partner Nicholas Davies, with support from senior associate Kevin Ho.  Sheppard, Mullin, Richter & Hampton LLP acted as US counsel to the SPAC, and Davis Polk & Wardwell LLP acted as US counsel to the underwriters.

HONG KONG
Nicholas DaviesPartnerT +852 2596 3386nicholas.davies@walkersglobal.com
Kevin HoSenior AssociateT +852 2596 3455kevin.ho@walkersglobal.com

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