Greencity Acquisition, a blank check company focused on businesses in Asia, 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 $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Greencity Acquisition would command a market value of $53 million.
The company is led by CEO Ming Zhang, who currently serves as Managing Director of SBI Financial China; Chairman Jinlong Liu, who currently serves as CEO of Shanghai Midai Automobile; and CFO Jianmin Yu, who currently is an Executive Director of Shanghai Midai Automobile. Greencity Acquisition states that its target business will not be limited to a particular geographic region, but it intends to focus on businesses that have a connection to the Asian market.
Greencity Acquisition was founded in 2018 and plans to list on the Nasdaq under the symbol GRCYU. The company filed confidentially on March 11, 2019. Ladenburg Thalmann is the sole bookrunner on the deal.
