Quetta Acquisition, a blank check company targeting the fintech sector in Asia, filed on Monday with the SEC to raise up to $60 million in an initial public offering.
The New York, NY-based company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Quetta Acquisition would command a market value of $78 million.
Quetta Acquisition is led by CEO and Chairman Hui Chen, who previously worked at eBay and IBM before forming the Law Offices of Hui Chen & Associates, and CFO and Director Robert Labbe, a manager at MCAP Realty Advisors. The company plans to target the fintech sector in Asia (excl. China, Hong Kong, and Macau), focusing on businesses with compelling long-term growth potential and highly defensible market positions.
Management's previous SPAC, Yotta Acquisition (YOTA; +7% from $10 offer price), went public in April 2022 and announced plans to merge with shrimp farmer NaturalShrimp the following October; NaturalShrimp terminated the agreement in July 2023.
Quetta Acquisition was founded in 2023 and plans to list on the Nasdaq under the symbol QETAU. The company filed confidentially on June 14, 2023. EF Hutton is the sole bookrunner on the deal.
