Spark I Acquisition, a blank check company formed by SparkLabs Group targeting late-stage tech startups with ties to Asia, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman James Rhee, a Partner at startup accelerator and venture fund network SparkLabs Group, and founder and former President of tech-focused aviation startup Aero K Holdings. The company plans to target late-stage tech startups, either in Asia or with a strong Asia presence or strategy, and plans to focus on businesses with enterprise values greater than $1 billion. It will not businesses with principal operations in China (including Hong Kong and Macau).
Spark I Acquisition plans to list on the Nasdaq under the symbol SPKLU. Cantor Fitzgerald acted as sole bookrunner on the deal.
