Global Lights Acquisition, a blank check company targeting businesses focused on sustainability, filed on Friday with the SEC to raise up to $60 million in an initial public offering.
The Beijing, China-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-sixth of a share upon the completion of an initial business combination. At the proposed deal size, Global Lights Acquisition would command a market value of $78 million.
Global Lights Acquisition is led by CEO and Chairman Zhizhuang Miao, the founder of environmental protection development and investment firm Guizhou Zhonghuanjiancheng Circular Economy Industry. The SPAC plans to target businesses that provide solutions promoting sustainable development and focus on environmentally sound infrastructure and industrial applications that eliminate or mitigate greenhouse gas emissions, and/or enhance resilience to climate change. Areas of interest include, but are not limited to, clean fuel transportation, environment infrastructure, and carbon capture.
Global Lights Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol GLACU. Chardan Capital Markets and Valuable Capital are the joint bookrunners on the deal.
