8-K
filed July 24, 2024, 7:59 PM ET
CIK 0001882963
M&A
confidence high
sentiment neutral
materiality 0.90
AIB Acquisition Corp: M&A transaction — AIB Acquisition Corporation completes business combination with PSI Group Holdings Ltd, begins trading as PSIG
AIB Acquisition Corp
- On July 18, 2024, AIB Acquisition Corp. closed its business combination with PSI Group Holdings, merging through First Merger Sub and Second Merger Sub.
- Pubco ordinary shares began trading on Nasdaq under ticker PSIG on July 19, 2024.
- 954,338 public shares of AIB were redeemed at the extraordinary general meeting on July 15, 2024.
- New directors appointed to Pubco board: Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger, Eric Chen; Ko also named CEO and Chun Kit Tsui CFO.
- A share escrow agreement for 2,000,000 Pubco ordinary shares was entered into with Continental Stock Transfer & Trust as escrow agent.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Eric Chen was appointed as director at AIB Acquisition Corp.
- Action
- appointed
- Role
- director
Exact text from the filing
Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Jie Gao resigned as director at AIB Acquisition Corp.
- Action
- resigned
- Role
- director
Exact text from the filing
each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Hok Wai Alex Ko was appointed as director at AIB Acquisition Corp.
- Action
- appointed
- Role
- director
Exact text from the filing
Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Zijian Tong was appointed as director at AIB Acquisition Corp.
- Action
- appointed
- Role
- director
Exact text from the filing
Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Axel Hoerger resigned as director at AIB Acquisition Corp.
- Action
- resigned
- Role
- director
Exact text from the filing
each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Hok Wai Alex Ko was appointed as Chief Executive Officer at AIB Acquisition Corp.
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
the board of directors of Pubco appointed the following officers: Hok Wai Alex Ko as Chief Executive Officer and Chun Kit Tsui as Chief Financial Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Yong Yao was appointed as director at AIB Acquisition Corp.
- Action
- appointed
- Role
- director
Exact text from the filing
Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Lai Ping Chan was appointed as director at AIB Acquisition Corp.
- Action
- appointed
- Role
- director
Exact text from the filing
Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
David Knower resigned as director at AIB Acquisition Corp.
- Action
- resigned
- Role
- director
Exact text from the filing
each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
David Adelman resigned as director at AIB Acquisition Corp.
- Action
- resigned
- Role
- director
Exact text from the filing
each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Axel Hoerger was appointed as director at AIB Acquisition Corp.
- Action
- appointed
- Role
- director
Exact text from the filing
Each of Hok Wai Alex Ko, Yong Yao, Lai Ping Chan, Zijian Tong, Axel Hoerger and Eric Chen was appointed to serve as the director of Pubco following the consummation of the Business Combination
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Eric Chen resigned as director at AIB Acquisition Corp.
- Action
- resigned
- Role
- director
Exact text from the filing
each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Merry Tang resigned as director at AIB Acquisition Corp.
- Action
- resigned
- Role
- director
Exact text from the filing
each of Axel Hoerger, Eric Chen, Jie Gao, David Adelman, Merry Tang, and David Knower resigned and ceased to be directors and/or officers of AIB.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Chun Kit Tsui was appointed as Chief Financial Officer at AIB Acquisition Corp.
- Action
- appointed
- Role
- Chief Financial Officer
Exact text from the filing
the board of directors of Pubco appointed the following officers: Hok Wai Alex Ko as Chief Executive Officer and Chun Kit Tsui as Chief Financial Officer.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.99
AIB Acquisition Corp underwent a change of control involving PSI Group Holdings Ltd 利航國際控股有限公司 for outstanding ordinary shares of PSI were converted into the right to receive Pubco Ordinary Shares; outstanding securities of AIB were converted into the right t (closed 2024-07-18).
- Action
- change of control
- Counterparty
- PSI Group Holdings Ltd 利航國際控股有限公司
- Consideration
- outstanding ordinary shares of PSI were converted into the right to receive Pubco Ordinary Shares; outstanding securities of AIB were converted into the right t
- Closing
- 2024-07-18
Exact text from the filing
On July 18, 2024, AIB Acquisition Corporation, a Cayman Islands exempted company (“AIB”) and PSI Group Holdings Ltd 利航國際控股有限公司, a Cayman Islands exempted company (“PSI”) consummated (the “Closing”) their previously announced business combination (the “Business Combination”), pursuant to that certain Business Combination Agreement, dated as of December 27, 2023 (the “Business Combination Agreement”), by and among AIB, PSI, PS International Group Ltd., an exempted company incorporated with limited liability in the Cayman Islands (“Pubco”), PSI Merger Sub I Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (“First Merger Sub”), PSI Merger Sub II Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (“Second Merger Sub”), and AIB LLC, a Delaware limited liability company (“AIB LLC”).
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.