Tottenham Acquisition, a Chinese SPAC formed to acquire a TMT company, filed and announced terms for its IPO on Thursday.
The Hong Kong-based company plans to raise $40 million by offering 4.0 million units at a price of $10. Each unit will consist of one share of common stock, one warrant to purchase one half of a share of common stock at $11.50 a share, and rights to receive one tenth of a share of common stock. At $10 per unit, Tottenham Acquisition would command a market value of $52 million.
Tottenham Acquisition was founded in 2017 and plans to list on the Nasdaq under the symbol TOTAU. Chardan Capital Markets is the sole bookrunner on the deal. IPO timing was not disclosed.
