A SPAC III Acquisition, a blank check company based in Hong Kong targeting ESG and material technology businesses, filed on Tuesday with the SEC to raise up to $55 million in an initial public offering.
The Hong Kong, China-based company plans to raise $55 million by offering 5.5 million units at a price of $10. Each unit consists of one share of common stock and one right to receive one-fourth of a share of common stock. At the proposed deal size, A SPAC III Acquisition would command a market value of $74.0 million.
The company is led by CEO, CFO, and Chairman Claudius Tsang, who currently serves as CFO of A SPAC II Acquisition (ASCBU), which raised $185 million in May 2022. He previously led A SPAC I Acquisition until its April 2024 acquisition of NewGenIvf Group, and Model Performance Acquisition until its 2023 combination with MultiMetaVerse. Tsang also served as a Partner and Co-head of Private Equity of North Asia at Franklin Templeton.
The company plans to pursue prospective targets in the Environmental, Sustainability and Governance (ESG) and material technology sector. It will focus on acquiring one or more businesses with a total enterprise value of between $100 million and $600 million.
The Hong Kong, China-based company was founded in 2021 and plans to list on the Nasdaq under the symbol ASPCU. Maxim Group LLC is the sole bookrunner on the deal.
