Fellazo Inc. Announces Closing of $50 million Initial Public Offering
30 July 2019 - 12:21PM
Fellazo Inc. (NASDAQ: FLLCU, the "Company"), a 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 or entities, announced
today the closing of its previously announced initial public
offering of 5,000,000 units at a price of $10.00 per unit.
The Company's units commenced trading on
Thursday, July 25, 2019 on The NASDAQ Capital Market ("NASDAQ")
under the symbol "FLLCU." Each unit consists of one ordinary share,
one warrant to purchase one-half of one ordinary share at a price
of $11.50 per whole share, and one right to receive one-tenth of
one ordinary share upon the consummation of the Company's initial
business combination. Once the securities comprising the units
begin separate trading, the ordinary shares, rights and warrants
are expected to be listed on NASDAQ under the symbols “FLLC,”
“FLLCR,” and “FLLCW,” respectively.
Maxim Group LLC acted as sole book running
manager in the offering. The Company granted the underwriters a
45-day option to purchase up to an additional 750,000 units at the
initial public offering price to cover over-allotments.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of units,
$50,000,000 (or $10.00 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of July
29, 2019 reflecting receipt of the proceeds upon consummation of
the initial public offering and the private placement will be
included as an exhibit to a Current Report on Form 8-K to be filed
by the Company with the Securities and Exchange Commission.
Ellenoff Grossman & Schole LLP acted as
counsel to the Company and Loeb & Loeb LLP acted as counsel to
the underwriters.
A registration statement relating to these
securities was declared effective by the Securities and Exchange
Commission on July 24, 2019. The offering is being made only by
means of a prospectus, copies of which may be obtained by
contacting Maxim Group LLC, 405 Lexington Avenue, New York, New
York 10174. Copies of the registration statement can be accessed
through the SEC's website at www.sec.gov.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Fellazo Inc.
Fellazo Inc. is a newly incorporated blank check company
incorporated as a Cayman Islands exempted company and incorporated
for the purpose of effecting a merger, share exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. Although we are not
limited to a particular industry or geographic region for purposes
of consummating an initial business combination, we intend to focus
on businesses in the health food and supplement sector that have
their primary operations in Asia.
Forward Looking Statements
This press release includes forward-looking
statements that involve risks and uncertainties. Forward looking
statements are statements that are not historical facts. Such
forward-looking statements, including the successful consummation
of the Company's initial public offering, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements. The Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
Contact:
Nicholas Wong
Chief Executive Officer
Fellazo Inc.
nicholas.wong@fellazo-inc.com
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