Vernal Capital Acquisition Corp. closes $100M SPAC IPO; $100.5M placed in trust

Vernal Capital Acquisition Corp.

• IPO of 10M units at $10.00/unit, gross proceeds $100M; units trade on NYSE as VECAU.
• Concurrent private placement of 251,250 units to sponsors raises $2.5125M.
• $100.5M from IPO and private placement deposited into trust account.
• Underwriters granted 45-day option to purchase up to 1.5M additional units for over-allotments.
• Indemnity agreements entered with CEO Jun Du, CFO Binghan Yi, and directors Pei Wang, Saloon Tham, Qiang Fu.

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