Tavia Acquisition, a blank check company targeting energy transition, the circular economy, and food tech, lowered the proposed deal size for its upcoming IPO on Wednesday.
The London, UK-based company now plans to raise $100 million by offering 10 million units at $10. The company had previously filed to offer 17.5 million units. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. They previously contained one-half of a share, one-half of a convertible preferred share, and one-half of a warrant. At the revised terms, Tavia Acquisition will raise 43% less in proceeds than previously anticipated.
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 in North America and Europe, focusing on those in new energy, circular economy initiatives, and innovative agricultural and food technologies.
Tavia Acquisition was founded in 2024 and plans to list on the Nasdaq under the symbol TAVIU. EarlyBirdCapital is the sole bookrunner on the deal.
