Proficient Alpha Acquisition, a blank check company targeting a financial services business in China, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The New York, NY-based company plans to raise $100 million by offering 10 million units at a price of $10. At $10, Proficient Alpha Acquisition would command a market value of $126 million. Each unit consists of one share of common stock, one warrant redeemable at $11.50 per share, and one right to receive one-tenth of one share of common stock upon the business combination.
Proficient Alpha Acquisition was founded in 2018 and plans to list on the Nasdaq under the symbol PAACU. I-Bankers Securities is the sole bookrunner on the deal.
