Frontier Acquisition Corp. (NasdaqCM:FRON.U) announced that it has entered into an agreement for a private placement of 600,000 units at a price of $10 per unit for gross proceeds of $6,000,000 with existing investor, Frontier Acquisition Sponsor LLC on February 18, 2021. Each unit consists of one Class A ordinary share and one-third of one non-redeemable warrant. Each whole warrant is exercisable to purchase one Class A ordinary share at $11.50 per share during the period commencing on the later of 30 days following the consummation of the initial business combination or 12 months from the date of the closing of initial public offering of units and will expire five years after the completion of initial business combination. The company will issue additional 60,000 units if over-allotment option is exercised in full making a total of 660,000 units in the transaction. The transaction is expected to close with the closing of the offering. The warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by subscriber or its permitted transferees. The units will be subject to transfer restrictions. There will be no redemption rights or liquidating distributions with respect to the placement warrants, which will expire worthless if fail to consummate an initial business combination within 24 months from the closing of this offering. On February 25, 2021, the company announced that each unit will now consists of one Class A ordinary share and one-fourth of one non-redeemable warrant.