TechyBird Acquisition, a blank check company targeting the tech and biotech sectors, filed on Wednesday with the SEC to raise up to $60 million in an initial public offering.
The El Monte, CA-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-fifth of a share upon the completion of an initial business combination. At the proposed deal size, TechyBird Acquisition would command a market value of $78 million.
The SPAC is led by CEO and Chairman Zhenchun Xu, who currently serves as a Senior Consultant to investment holding company Oriental Rainbow Holdings. It plans to target the technology and biotechnology sectors, focusing on middle market and emerging growth businesses with global operations and overall enterprise values ranging from $100 million to $2 billion.
TechyBird Acquisition was founded in 2023 and plans to list on the Nasdaq under the symbol TKBDU. The company filed confidentially on August 24, 2023. Spartan Capital Securities is the sole bookrunner on the deal.
