Eureka Acquisition, a blank check company targeting businesses in Asia, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
The Shanghai, China-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-fifth of a share upon the completion of an initial business combination. At the proposed deal size, Eureka Acquisition would command a market value of $67 million.
The company is led by CEO, CFO, and Chairman Fen Zhang, a Founding Partner of Hercules Capital Group, where he is in charge of large scale alternative financing solutions for major commercial endeavors. While it has not selected a target industry, the SPAC plans to focus on businesses in Asia, including China.
Eureka Acquisition was founded in 2023 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: EURAU.RC). The company filed confidentially on December 21, 2023. Maxim Group LLC is the sole bookrunner on the deal.
