Each unit will consist of one share and one right. Once the company completes an acquisition, the right will entitle its holder to receive a quarter of a share.

A Paradise III is led by Claudius Tsang, who has headed several other special-purpose acquisition companies. One of his SPACs acquired Multimetaverse, a China-based animation and entertainment company. A Paradise III plans to list its shares on the New York Stock Exchange under the ticker APCD.