Tavia Acquisition, a blank check company targeting energy transition, the circular economy, and food tech, filed on Monday with the SEC to raise up to $175 million in an initial public offering.
The Newark, DE-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one-half of a share, one-half of a convertible preferred share, and one-half of a warrant, exercisable at $11.50. Upon completion of an initial business combination, it's currently expected that the convertible preferred shares will pay an annual dividend of $0.60 per share, payable quarterly in cash or in kind, and will be optionally convertible at $11.50, made mandatory if the last sales price of the ordinary shares reaches or exceeds $14, subject to certain other conditions.
Tavia Acquisition is led by CEO and Chairman Kanat Mynzhanov, the founder and former CIO of Bellprescot Asset Management, and CFO and Director Askar Mametov, Director of private Kazakh oil and gas exploration company Kaznedraproject and former CFO of KM Gold. The SPAC plans to target businesses primarily in North America and Europe, focusing on those in new energy, circular economy initiatives, and innovative agricultural and food technologies.
Management previously led another SPAC, Oxus Acquisition, which completed its combination with food tech company Borealis Foods (BRLS; -8% from $10 offer price) in February 2024.
Tavia Acquisition was founded in 2024 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: TAVAU.RC). The company filed confidentially on May 15, 2024. EarlyBirdCapital is the sole bookrunner on the deal.
