UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Events
As previously reported on Form 8-K, on November 10, 2023, AI Transportation Acquisition Corp (the “Company”) completed its initial public offering (the “Offering”) of 6,000,000 units (the “Units”). Each Unit consists of one ordinary share, par value $0.0001 per share, of the Company (the “Ordinary Shares”), and one right (the “Rights”), each Right entitles the holder thereof to receive one-eighth (1/8) of one Ordinary Share upon the consummation of an initial business combination, subject to adjustment, pursuant to the Company’s registration statement on Form S-1 (File No. 333-270558). The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $60,000,000.
Also as previously reported, the Company granted the underwriters (the “Underwriters”) a 45-day option to purchase up to 900,000 Units to cover over-allotments, if any. On December 26, 2023, the Underwriters advised the Company that it has elected not to exercise the over-allotment option and thereby forfeit the option. As a result, the Company is required to cancel a total of 225,000 of the Company’s sponsor shares, issued to AI Transportation Corp, a BVI corporation, that are subject to forfeiture, thereby reducing the sponsor’s total shares to 1,500,000
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: December 29, 2023 | ||
| AI TRANSPORTATION ACQUISITION CORP | ||
| By: | /s/ Yongjin Chen | |
| Name: | Yongjin Chen | |
| Title: | Chief Executive Officer and Chairman | |