- PHP Ventures Acquisition (NASDAQ:PPHPU) raised an additional $7.5M after the underwriters of its Nasdaq IPO exercised their option in full to buy 750K units at $10/unit.
- In total the company sold 5.75M units for gross proceeds of $57.5M.
- Each unit consists of one common share; 0.5 redeemable warrant; and one right to acquire 1/10 of one common stock.
- Each warrant can be used to buy one common stock at $11.50/share.
- PHP Ventures — is a blank check company formed for the purpose of effecting a merger, reorganization, or business combination — is led by Chairman and CEO Marcus Choo Yeow Ngoh and CFO Garry Stein.
- PHP Ventures intends to focus on consumer-facing companies with a significant Africa presence or a compelling Africa potential, which complements the expertise of the company’s management team.
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