East West Ave Acquisition Corp., a Nevada-incorporated blank check company, said it has closed an initial public offering that generated $100 million in gross proceeds. The offering consisted of 10,000,000 units sold at $10.00 per unit, the company said.
The units commenced trading on the Nasdaq Global Market on July 30, 2026, under the ticker "EWAVU." Each unit is composed of one share of common stock and one right to receive one-fourth of one share of common stock upon the completion of an initial business combination.
The company stated that, following separation, the underlying components are expected to trade independently on Nasdaq under the symbols "EWAV" for the common stock and "EWAVR" for the rights.
D. Boral Capital LLC acted as sole book-running manager for the offering. The underwriters retain a 45-day option to purchase up to 1,500,000 additional units to satisfy any over-allotments, the filing notes.
East West Ave’s sponsors will make loans to the company to cover any tax liabilities that arise from its Nevada incorporation. The loans are intended to ensure that funds held in the SPAC’s trust account will not be used to pay those tax obligations.
The Securities and Exchange Commission declared the company’s registration statement on Form S-1 effective on July 13, 2026. East West Ave Acquisition Corp. is organized as a special purpose acquisition company with the objective of effecting a merger, share exchange, asset acquisition, or similar business combination. The filing specifies no restrictions on target industries or geographic regions.
Summary
East West Ave Acquisition Corp. completed a $100 million initial public offering of units and began trading on Nasdaq on July 30, 2026. The offering was managed by D. Boral Capital LLC and includes an underwriter overallotment option. Sponsors will provide loans to satisfy Nevada tax obligations so trust account funds remain intact.
Key points
- SPAC sold 10,000,000 units at $10.00 each, raising $100 million in proceeds.
- Units began trading on Nasdaq under EWAVU on July 30, 2026; common stock and rights expected to trade as EWAV and EWAVR.
- D. Boral Capital LLC served as sole book-running manager; underwriters have option to buy up to 1,500,000 additional units within 45 days.
Risks and uncertainties
- There is uncertainty around the company’s future business combination - the SPAC must complete a merger or similar transaction to deploy capital.
- Underwriter overallotment could alter share counts and supply in the market if exercised; this may affect market dynamics for the units and later the split securities.
- Tax liabilities tied to Nevada incorporation are the responsibility of the sponsors via loans; the timing and terms of those loans could affect sponsor and company finances.
This announcement is limited to the details provided in the company filing and the effective registration noted by the SEC. No additional guidance or targets for a business combination were specified in the disclosures.