Cayson Acquisition, a blank check company targeting businesses in Asia, raised $60 million by offering 6.0 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.
The New York, NY-based company notes that the majority of its directors and officers are based in or have significant ties to China. The SPAC is led by CEO and Chairman Yawei Cao, who currently serves as Executive Director of Hong Kong Dragon Financial Group and the Executive Director of Finance at Amer International Group. CFO Taylor Zhang previously served as CFO and director of TenX Keane Acquisition, which in August merged with Citius Oncology (CTOR), and before that was CFO China XD Plastics Company.
The SPAC plans to target businesses in Asia, focusing on the following categories: financial services, technology, biotechnology and pharmaceutical, advanced materials, and clean energy. The company cites the drop in Asia Pacific IPO proceeds in 2023 as a reason that target companies in Asia may be enticed to go public via SPAC merger.
Cayson Acquisition plans to list its units on the Nasdaq under the symbol CAPNU. EarlyBirdCapital acted as sole bookrunner on the deal.
