The transaction raised $200 million through the sale of 20,000,000 units at $10.00 each. Each unit includes one Class A ordinary share and one-seventh of a right, with whole rights convertible into one Class A ordinary share upon completion of a business combination. Trading began on September 4 under the Nasdaq ticker “GSRFU,” with shares and rights expected to trade separately as “GSRF” and “GSRFR.” The offering is expected to close on September 5, subject to customary conditions.
GSR is a Cayman Islands–incorporated blank check company formed to pursue mergers, share exchanges, asset acquisitions, or similar business combinations. It targets high-growth sectors where access to public capital can accelerate value creation.
Appleby advised on the Cayman Islands legal aspects of the transaction, drawing on its deep experience in SPAC IPOs and capital markets regulation. The Appleby team was led by Counsel Alexandra Low, alongside Partner Simon Raftopoulos amongst other members of the Appleby corporate team.
This transaction adds to Appleby’s distinguished track record advising on high-profile SPAC and public offering transactions globally.
