- Business
- AIB Acquisition Corporation AIB Acquisition Corporation (NASDAQ:AIBBU) operates as a blank check company, or special purpose acquisition company (SPAC), whose primary business is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Incorporated in the Cayman Islands in 2021, the company maintains its principal executive offices at 875 Third Avenue, Suite M204A, New York, NY 10022, and targets opportunities primarily in global sectors without current operational products or services beyond its SPAC structure. Its securities structure includes units comprising one Class A ordinary share and one right, with separate trading of shares and rights commencing in February 2022, supported by advisors such as Maxim Group LLC. Geographically focused on capital markets transactions with worldwide reach, AIB Acquisition Corporation raised approximately $86.25 million in its January 2022 initial public offering, with funds held in trust for deployment in a target acquisition. In a major recent development, the company completed a definitive business combination with PSI Group Holdings Ltd, a Hong Kong-based global logistics service provider specializing in air and sea freight forwarding between mainland China and international markets including the United States, United Kingdom, France, and the Netherlands, on July 18, 2024; this reverse merger transaction valued PSI Group at a $200 million enterprise value, resulting in both entities becoming wholly-owned subsidiaries of the newly formed PS International Group Ltd (NASDAQ:PSIG), which commenced trading on Nasdaq on July 19, 2024.