Brilliant Acquisition, a blank check company targeting an Asia Pacific business, filed on Friday with the SEC to raise up to $40 million in an initial public offering.
The Shanghai, China-based company plans to raise $40 million by offering 4 million units at a price of $10. Each unit consists of one share and one redeemable warrant, exercisable at $11.50. At the proposed deal size, Brilliant Acquisition would command a market value of $53 million.
The SPAC is led by CEO, CFO, and Chairman Chuanwei Chen, 32, who serves as VP of Investment at Shanghai-based investment firm Ning Sheng Enterprise.
Primary shareholders include sponsor Ning Sheng Enterprise (21% pre-IPO stake), EarlyBirdCapital (2%) and Xiaolong Lu (2%).
The Shanghai-based company was founded in 2019 and plans to list on the Nasdaq under the symbol BRLIU. EarlyBirdCapital is the sole bookrunner on the deal. No pricing terms were disclosed.
