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China's Big Tree Cloud in $500 million SPAC deal for US listing

The transaction, valued at a price of $10 per share, is expected to be completed in the first half of 2024, pending procedures including approvals from the U.S. Securities and Exchange Commission and the Nasdaq Stock Market, the companies said in a joint statement on Tuesday. After the completion of the merger with the special purpose acquisition company, Big Tree Cloud International Group will be operated under a holding entity named Big Tree Cloud Holdings Ltd and listed on the Nasdaq Stock Market, according to the statement. Big Tree Cloud, based in the southern Chinese tech hub Shenzhen and founded in 2020, focuses on feminine hygiene products like sterilized feminine pads and menstrual pants.

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