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KUALA LUMPUR, MALAYSIA – 
Telecommunication Acquisition Corporation (the “Company”) announced
today that it closed its initial public offering (the “Offering”) of 10,000,000
units at $10.00 per unit. Each unit consists of one of the Company’s Class A
ordinary shares and one redeemable warrant. Each warrant entitles the holder
thereof to purchase one Class A ordinary share at a price of $11.50 per share. The
underwriters exercised their over-allotment option in full for an additional
1,500,000 units at the time of the closing of the Offering. As a result, the
aggregate gross proceeds of the Offering, including the over-allotment, are
$115 million, prior to deducting underwriting discounts, commissions, and other
Offering expenses.
The units have been listed on the Nasdaq Global
Market (“Nasdaq”) and began trading on Tuesday, January 18, 2022,
under the ticker symbol “TETEU”. Once the securities comprising the
units begin separate trading, the Class A ordinary shares and warrants are
expected to be listed on Nasdaq under the symbols “TETE” and “TETEW,”
respectively.
The Company is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more
businesses. The Company has not selected any specific business combination
target and has not, nor has anyone on its behalf, initiated any substantive discussions,
directly or indirectly, with any business combination target. While the Company
may pursue an initial business combination target in any business or industry,
it intends to focus its search on companies in the technology and
telecommunications sector in Malaysia. The Company is led by Tek Che Ng, the
Company’s Chairman of the Board and Chief Executive Officer.
EF Hutton, division of Benchmark Investments,
LLC, served as the sole book running manager for the Offering.
Loeb & Loeb LLP served as legal counsel to
the Company. Becker & Poliakoff, LLP served as counsel to EF Hutton,
division of Benchmark Investments, LLC.
The Offering was made only by means of a
prospectus. Copies of the prospectus may be obtained, when available, from EF
Hutton, division of Benchmark Investments, LLC, Attn: Syndicate Department, 590
Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212)
404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.
A registration statement relating to these
securities has been filed with, and declared effective by, the Securities and
Exchange Commission (“SEC”), on January 14, 2022. A final prospectus
relating to the Offering has been filed with the SEC. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of these securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or
jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking
statements,” including with respect to the Company’s anticipated use of
the net proceeds of the Offering. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the Company’s
registration statement and final prospectus for the Offering filed with the
SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update
these statements for revisions or changes after the date of this release,
except as required by law.
Company Contact:
Tek Che Ng
Chief Executive Officer
Email: tekche.ng@tete-acquisition.com
Phone: +60123348193
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