Apr 2025
Conyers advised UY Scuti Acquisition Corp. (UY Scuti), a special purpose acquisition company, on its US$50 million base initial public offering (IPO) on the Nasdaq Capital Market (Nasdaq).
UY Scuti is a newly organised blank check company formed in the Cayman Islands whose business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses and will initially focus on Asia.
The IPO is comprised of an offering of 5,000,000 units at a price of US$10.00 per unit, together with an additional 750,000 units to cover over-allotments. Each unit consists of one ordinary share and one-fifth of one right to receive an ordinary share upon the consummation of an initial public business combination. The units are listed on the Nasdaq and began trading under the ticker symbol “UYSCU” on 1 April 2025. Once the securities comprising the units begin trading separately, UY Scuti expects that its ordinary shares and rights will be listed under the symbols “UYSC” and “UYSCR”, respectively.
Partner Matthew Stocker, Senior Associate Caroline Dekker and Associate Daniel Cannon of Conyers’ Cayman office advised on the Cayman Islands legal and regulatory aspects of the IPO working alongside Becker & Poliakoff, P.A. as lead legal advisor to UY Scuti.