Flag Fish Acquisition, a blank check company targeting businesses with a connection to the Asian market, filed on Friday with the SEC to raise up to $60 million in an initial public offering.
The New York, NY-based company plans to raise $60 million by offering 6 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. At the proposed deal size, Flag Fish Acquisition would command a market value of $77 million.
Flag Fish Acquisition is led by CEO and Chairman Matthew Chen, whose previous roles include serving as the global head of the credit derivative market making platform at JP Morgan's London branch. The SPAC plans to target businesses that have a connection to the Asian market, focusing on those with enterprise values between $200 million and $400 million. Potential sectors of interest include internet and high technology, fintech, clean energy, healthcare, consumer and retail, energy and resources, and education.
Flag Fish Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol FFSHU. Lucid Capital Markets is the sole bookrunner on the deal.
