White Pearl Acquisition Corp is a blank check company (SPAC) incorporated as a British Virgin Islands business company formed for the purpose of effecting a business combination (merger or acquisition) with one or more target companies in sectors such as financial technology, information technology, and business services. The SPAC raised capital from public investors to identify and merge with a growing business.
The company priced its Initial Public Offering (IPO) on the New York Stock Exchange (NYSE), raising $100 million by offering 10 million units at $10.00 per unit. Each unit consists of one Class A ordinary share and one right, with the rights entitling holders to a fraction of a share upon completion of a business combination.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SPAC (NYSE) |
| Offer Price | $10.00 per unit |
| Total Units Offered | 10,000,000 |
| Gross Proceeds | $100 million |
| Trading Symbol – Units | WPACU |
| Trading Symbol – Class A Shares | WPAC |
| Trading Symbol – Rights | WPACR |
| Exchange | NYSE (New York Stock Exchange) |
| Expected Trading Start | February 2, 2026 |
| Over-Allotment Option | Up to 1,500,000 additional units (45-day option) |
| Listing Date (Expected) | February 2, 2026 |
| Underwriter/Manager | D. Boral Capital LLC |
| Registrar/Auditor | Continental Stock Transfer & Trust / WWC, PC |
Note: SPAC IPO units typically separate into shares + rights after listing.
Issue Break-up / SPAC Structure
SPAC IPOs behave differently from traditional company IPOs. Rather than allocating shares to investor categories (retail, NII, QIB, etc.), SPAC units are sold broadly to public investors with an underwriting structure that may include over-allotment. Investors have redemption rights if they do not approve the future merger target at the proposed valuation.
Selling Shareholders (OFS)
There is no Offer for Sale (OFS) in a SPAC IPO. All capital raised goes into a trust account to be used exclusively for a future combination with a private company. Promoters do not sell existing shares in the public offering.
Objects of the Issue (Fund Utilization)
The funds raised in the IPO will be placed in a trust account and held until White Pearl Acquisition Corp completes an initial business combination (also called the “de-SPAC transaction”). Typical SPAC rules require the deal to be completed within a set timeframe (often 18–24 months), or funds are returned to investors.
Primary aims include:
- Pursuing and completing a business combination with a target company in fintech, IT, business services, or adjacent sectors.
- Funding future growth initiatives post-combination for the merged entity.
- Working capital and general corporate purposes consistent with SPAC structures (limited outside trust expenditures).
Lead Managers & Registrar
- Book Running Manager / Underwriter: D. Boral Capital LLC.
- Trustee / Registrar: Continental Stock Transfer & Trust Company.
- Underwriter’s Counsel: Hunter Taubman Fischer & Li LLC.
- Issuer’s Counsel: Loeb & Loeb LLP.
Promoters & Management
White Pearl Acquisition Corp is led by a team experienced in SPACs and finance, including:
- Naphat Sirimongkolkasem – CEO, CFO & Chairman.
- Joseph Shiu Wing Chow – Board Member.
- Yuxun Sun – Board Member.
- Jiang Hua Feng – Board Member.
As a SPAC, management’s role is to identify and negotiate a future merger with a target company rather than operate a standalone business pre-combination.
COMPANY DETAILS (SPAC Context)
White Pearl Acquisition Corp does not operate a commercial business yet; it exists to identify and merge with a private company to bring it public via this SPAC structure. The company was formed specifically for this purpose and does not have revenue or traditional operating activities pre-combination.
Business Focus:
- Targeting fintech, IT and business services companies for merger.
- Strategic search for targets with enterprise values potentially between $150M – $600M (indicative from SPAC filing commentary).
SPAC Lifecycle:
- Upon IPO, capital raised is placed into a trust.
- Management sources and selects a target company.
- Investors vote on the business combination.
- If approved, the combined company lists publicly; if not completed by deadline, funds are returned.
Company Strengths (SPAC Structure)
- Significant IPO capital raised ($100M) provides meaningful firepower for an acquisition.
- Experienced management team with SPAC and financial expertise.
- Flexibility in target sectors (FinTech, InfoTech, business services) allows broad investment options.
- NYSE listing enhances visibility and liquidity for public investors.
- Over-allotment option provides additional capital for future deal execution.
Key Risks & Challenges
- No operating business pre-combination — SPAC value depends entirely on successful target acquisition and post-deal execution.
- Redemption risk — if many public investors redeem, less capital remains for merger execution.
- Dilution risk — warrants/rights and founder shares can dilute public shareholders post-deal.
- Uncertainty in target selection — success hinges on identifying and closing a high-quality merger.
- Market & regulatory risk — SPAC structures have faced regulatory scrutiny and volatile investor sentiment.
- Timing constraints — SPACs often have deadlines (e.g., 18–24 months) to complete a business combination.
Disclaimer
This document is for informational and educational purposes only and does not constitute investment advice. SPAC investments carry unique risks, particularly regarding the uncertainty of future business combinations and dilution. Investors should read the prospectus / S-1 filings and consult qualified financial advisors before making investment decisions. Past transactions and SPAC performance are not a guarantee of future results.
Source: S-1 filings
