JVSPAC Acquisition, a blank check company targeting businesses at the intersection of lifestyle and tech, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one right to receive one-fourth of a share upon the completion of an initial business combination.
The SPAC is led by CEO and Chairman Albert Wong, co-founder and Executive Director of financial firm JVSakk Group and CEO of Kingsway Group Holdings, and CFO and Director Claudius Tsang, former Co-Head of Private Equity (North Asia) at Templeton Asset Management and Partner at Templeton Private Equity Partners.
Tsang also serves as the CFO of blank check companies A SPAC II Acquisition (ASCBU) and A SPAC I Acquisition (ASCA; +10% from $10 offer price), the latter of which has a pending merger agreement with Asia-based fertility clinic NewGenIvf. He also previously served as the CEO of Model Performance Acquisition, which completed its combination with MultiMetaVerse (MMV; -90%) in January 2023.
JVSPAC Acquisition plans to target businesses at the intersection of the lifestyle and technology sectors, focusing on those that have potential for revenue growth and/or operating margin expansion with recurring revenue and cash flow, strong market positions, and enterprise values between $100 million and $600 million.
JVSPAC Acquisition plans to list on the Nasdaq under the symbol JVSAU. Maxim Group LLC acted as sole bookrunner on the deal.
