Shearman & Sterling advised Citigroup Global Markets, as the sole book-running manager, and XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A., as financial advisor, on the initial public offering of XPAC Acquisition Corp. of 20 million units at an offering price of $10.00 per unit, each unit consisting of one Class A ordinary share and one-third of one redeemable warrant. The units are listed on The Nasdaq Stock Market.
XPAC Acquisition Corp. is a blank check 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. The company intends to focus its search for a target business in Brazil in industries in which its management team has previous experience, such as healthcare, financial services, technology, education, and consumer goods and retail. The company is led by Chu Kong, Chief Executive Officer and Chairman of the Board of Directors; Fabio Kann, Chief Financial Officer and Guilherme Teixeira, Chief Investment Officer.