PSI Group Plans Nasdaq Listing Through Merger With AIB Acquisition Corporation
Hong Kong – January 19, 2024 – Cooley advised PSI Group Holdings, a long-established global logistics service provider headquartered in Hong Kong offering cross-border air freight services, as its US legal counsel on its definitive agreement to combine with AIB Acquisition Corporation, a publicly traded special purpose acquisition company. Partner Will Cai led the Cooley team representing PSI, with support from associates Hilda Li, Harvey Yao and Zixiang Liu. Partner Aaron Pomeroy and associate Rick Jantz also advised PSI on tax matters.
Upon closing of the proposed business combination, AIB and PSI will become wholly owned subsidiaries of a newly incorporated Cayman Islands company – PS International Group – which expects to be listed on the Nasdaq stock exchange. PSI’s enterprise valuation in this transaction is approximately $200 million.
The boards of directors of PSI and AIB have unanimously approved the business combination, which is expected to be completed in the first quarter of 2024, subject to regulatory approvals, approval by AIB’s shareholders of the business combination, and satisfaction or waiver of other customary closing conditions, among other things.
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