Goldenbridge Acquisition, a blank check company targeting the artificial intelligence industry, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering.
The Hong Kong-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock; one warrant for one-half of a share, exercisable at $11.50; and one right to receive one-tenth of a share upon completion of the initial business combination. At the proposed deal size, Goldenbridge Acquisition would command a market value of $65 million.
The company is led by CEO and Chairman Yongsheng Liu, former CEO of Royal China Holdings, and COO Ray Chen, former CEO of Fortissimo Film International. The pair previously held the same roles for Wealthbridge Acquisition, which went public in February 2019 and merged with live entertainment mobile streaming company Scienjoy (SJ; -42% from $10 offer price) in May 2020. The company plans to target businesses in the artificial intelligence industry with enterprise values between $150 million and $300 million.
Goldenbridge Acquisition was founded in 2019 and plans to list on the Nasdaq, but has not selected a ticker yet. The company filed confidentially on September 4, 2020. Maxim Group LLC is the sole bookrunner on the deal.
