Love & Health, a blank check company formed by Hong Kong-based financial services firm Waton Financial, filed on Monday with the SEC to raise up to $50 million in an initial public offering.
The Hong Kong-based company plans to raise $50 million by offering 5 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, Love & Health would command a market value of $67 million.
The company is led by CEO and Chairman Kai Zhou and CFO and Director Huaxin Wen, who currently serve as CTO and CFO of Waton Financial, respectively. While the company has not selected a target industry or geography, it plans to focus on opportunities in the fintech, financial services, business services, technology, consumer goods, and other new economy industries.
Love & Health was founded in 2023 and plans to list on the Nasdaq under the symbol LLLLU. The company filed confidentially on November 29, 2023. EF Hutton is the sole bookrunner on the deal.
