Generation Asia I Acquisition Limited announced that it has entered into a purchase agreement for a private placement of 6,800,000 redeemable warrants at a price of $1 per redeemable warrant with Generation Asia LLC for gross proceeds of $6,800,000 on October 22, 2021. The company will grant an over-allotment option of 45-days to purchase additional 900,000 redeemable warrants. Each redeemable warrant exercisable to purchase one share of its class A common stock at $11.50 per share, at a price of $1.50 per warrant, after the 30 days of its initial business combination and twelve months from the closing of this offering.

The warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation. The private placement warrants will be non-redeemable for cash and exercisable on a cashless basis so long as the investor or its permitted transferees hold them. Once the warrants become exercisable, the company may redeem the outstanding warrants subject to conditions.

The securities are subject to a hold period of 30 days.