Evans & Evans

Asia Select Acquisition I Corp. became the first new SPAC in six months when it registered for a $32 million initial public offering yesterday.

Asia Select is planning  to offer 4 million units consisting of one share and one warrant for $8 each. Asia Select, a foreign private issuer, will be underwritten by EarlyBird Capital and advised by the law firm Graubard Miller. Loeb & Loeb is advising EarlyBird on the offering. The firm Solomon Harris is counselling the SPAC on matters related to Cayman Islands’ law.

Asia Select’s management has extensive Chinese and Canadian crossover experience. Chairman and CEO Michael Evans runs Evans & Evans, Inc., a boutique Canadian financial advisory firm, while CFO and COO Min Kuang and Director Hui Qing Wang are co-founders of its sponsor Asia Select Investment Fund.

Several of its executives also have experience running capital pool companies, blank check companies that trade on the TSX Venture exchange.

Management has agreed to invest in $1.66 million of at-risk capital in Asia Select. Before over-allotments, 99% of the IPO proceeds will be placed in trust, including the deferred underwriting discounts.