Vernal Capital Acquisition Corp. (VECA)

Vernal Capital Acquisition Corp. is a special purpose acquisition company, or blank-check company, formed to complete a merger, share exchange or similar business combination with one or more operating businesses. It completed its initial public offering on the New York Stock Exchange, and the proceeds are held in a trust account until a deal is completed.

The company has said that its search for a target business will not be limited to any particular industry or geographic region.

As a blank-check company, Vernal Capital has no operations or revenue of its own. Its shareholders generally have the right to redeem their shares for a pro rata portion of the trust account if a business combination is proposed or if the company does not complete a transaction within its required time frame.