Davis Polk advised Provident Acquisition Corp. on its $230 million initial public offering of 23,000,000 units. Each unit had an initial offering price of $10 and consists of one Class A ordinary share and one-half of one redeemable warrant. The units, the shares and the warrants are listed on the Nasdaq Capital Market.
The company is a newly incorporated special purpose acquisition company (SPAC) formed for the purpose of effecting an initial business combination, and intends to focus on consumption-focused companies with disruptive growth potential that have operations or prospective operations in Asia, with a particular focus on the technology sector in Southeast Asia.
The Davis Polk capital markets team included partners James C. Lin and Derek Dostal and registered foreign lawyer Xin (Sheen) Xu. Associate Travis Triano provided executive compensation advice. Associate Brantley Hawkins provided 1940 Act advice. The tax team included counsel Alon Gurfinkel and associate Omer Harel. Members of the Davis Polk team are based in the Hong Kong, New York and London offices.