Chinese electric vehicle company CH-AUTO Technology Corp Ltd said on Monday it had agreed to go public with a U.S. blank-check firm in a deal valued at nearly $1.7 billion, including debt.
A special purpose acquisition company is a listed firm with no business operations but a pool of capital that it uses to merge with a private company that it takes public. "The past two years have been quite challenging for us. We had to reduce our operations by slowing down the businesses of manufacturing of vehicles and automotive parts," said Qun Lu, founder and chief executive officer of CH-AUTO.
It is NOT wise to invest in a China company now
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