Blueport Acquisition to Merge with SingAuto in $1.2 B SPAC Deal Issuing 120 M Shares on Nasdaq
BPAC•Blueport Acquisition Ltd will merge with SingAuto in a $1.2 billion SPAC deal issuing 120 million PubCo shares at $10 each and listing the combined entity on Nasdaq. The transaction, led by SingAuto CEO Yuqiang Liu and approved by both boards, is expected to close by end-2026 pending regulatory and shareholder approvals.
1. Business Combination Agreement
Blueport Acquisition Ltd and SingAuto Inc have entered a definitive agreement to combine via a SPAC structure valuing SingAuto at $1.2 billion. Shareholders of SingAuto will receive approximately 120 million ordinary shares of the newly formed PubCo at an implied price of $10.00 per share.
2. SingAuto’s Green Cold-Chain Technology
Headquartered in Singapore with operations in the Middle East, SingAuto designs and manufactures new energy refrigerated commercial electric vehicles, including the flagship S1 model. The company integrates artificial intelligence into its vehicles and licenses its patented technology to third parties to improve frozen, chilled and pharmaceutical logistics.
3. Transaction Structure and Timeline
The deal involves a reincorporation merger of Blueport into a Cayman subsidiary followed by an acquisition merger where SingAuto becomes a wholly-owned PubCo subsidiary. Completion is subject to SEC review, Nasdaq listing approval and shareholder votes, with closing targeted by end-2026.
4. Leadership and Approvals
SingAuto Chairman and CEO Yuqiang Liu is expected to lead PubCo after closing, supported by Blueport’s management team. Both boards have unanimously approved the transaction, which awaits customary regulatory and shareholder approvals.
