A SPAC III Acquisition, a blank check company based in Hong Kong targeting ESG and material technology businesses, raised $55 million by offering 5.5 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share of common stock upon completion of an initial business combination.
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 (NIVF; -93% from $10 offer price), and Model Performance Acquisition until its 2023 combination with MultiMetaVerse (MMV; -96%). Tsang also served as a Partner and Co-head of Private Equity of North Asia at Franklin Templeton.
A SPAC III Acquisition 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.
A SPAC III Acquisition plans to list on the Nasdaq under the symbol ASPCU. Maxim Group LLC acted as sole bookrunner on the deal.
