Our Client

Project Queen offers ready to cook and ready to eat meals and food products under its brand. It’s operations are conducted primarily in China.

The Challenge

Project Queen sought to raise funds through an IPO in the U.S., merging with a special purpose acquisition company (SPAC) to unlock further strategic expansion opportunities. Due to different reporting and regulatory standard in the U.S., they require a finance team to co-ordinate with different involving parties for all rounded financial compliance with US regulatory and reporting standards.

Our solution

• Designed an improved financial process flow in terms of meeting appropriate financial reporting standard from IFRS to US GAAP
• Prepared a set of management accounts that met the auditor’s requirement, and work with the auditors to carry out audit procedures and issue an auditor’s report
• Performed financial analysis for the Board, and monthly cash flow management during the IPO process
• Prepared financial information in the proxy statement (prospectus), including management discussion and analysis, proforma financial statements
• Oversee the listing process through meeting with SPAC representatives, auditors, lawyers, and other parties to manage the timeline and resolve on any matters
• Acted as the CFO in negotiations with acquisition targets, including propose terms for M&A, propose acquisition price and other terms, drafting of term sheet and SPAs

Result

The proposed merger was filed with the US regulators, where Project Queen will be listed in the Nasdaq Capital Market post-merger.