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North Asia Investment Corporation (NHR) is a blank-check company formed for the purpose of acquiring, through a merger, stock exchange, asset acquisition, plan of arrangement, recapitalization, reorganization or similar business combination, one or more operating businesses. Our efforts in identifying a prospective target business will not be limited to a particular industry or geographic location. We initially intend to focus our search for a target business on companies that have their principal operations located in Asia with a particular emphasis on the ROK or the PRC.

All quotations are from the company’s most recent F-1 filing with links provided.

Business Overview (from prospectus)

We are a recently organized Cayman Islands exempted blank check company formed for the purpose of acquiring, through a merger, stock exchange, asset acquisition, plan of arrangement, recapitalization, reorganization or similar business combination, one or more operating businesses. Our efforts in identifying a prospective target business will not be limited to a particular industry or geographic location. We initially intend to focus our search for a target business on companies that have their principal operations located in Asia with a particular emphasis on the ROK or the PRC. To date, our efforts have been limited to organizational activities as well as activities related to this offering. No evaluations of, or discussions with, any potential acquisition candidates occurred prior to our formation, nor did any of our principals have any direct or indirect contact with any potential acquisition candidate prior to our formation. We do not have any specific initial business combination under consideration. We have not, nor has anyone on our behalf, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction.

Offering: 6 million units (1 unit consists of 1 ordinary share + 1 warrant) at $17-$19 per share. Net proceeds of approx. $59.7 million (or approximately $68.4 million if the underwriters’ over-allotment option is exercised in full) of the net proceeds from this offering and the sale of the sponsors’ warrants described in this prospectus, including $2.4 million (or $2.76 million if the underwriters’ over-allotment option is exercised in full) of deferred underwriting discounts and commissions will be placed in the trust account at HSBC (London) maintained by Continental Stock Transfer & Trust Company, as trustee.

IPO Underwriters: Citi (NYSE:C).

Financial Highlights

We are a newly formed development stage company with no operating results, and we will not commence operations until obtaining funding through this offering. Because we lack an operating history, you have no basis upon which to evaluate our ability to achieve our business objective of completing a business combination with one or more target businesses. We have no plans, arrangements or understandings with any prospective target business concerning a business combination and may be unable to complete a business combination. If we fail to complete a business combination, we will never generate any operating revenues.

Competitors

"... other blank check companies, private equity groups and leveraged buyout funds, and operating businesses seeking strategic acquisitions. Many of these entities are well established and have extensive experience identifying and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess greater financial, technical, human and other resources than us, which will give them a competitive advantage in pursuing the acquisition of a target business…"

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