Global SPAC Partners, a blank check company formed by ASMA Capital targeting businesses in MENA and South Asia, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The Claymont, DE-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one subunit and one-half of a warrant, exercisable at $11.50. Each subunit consists of one share of common stock and one-quarter of a warrant. Anchor investors intend to purchase $50 million worth of units in the offering. At the proposed deal size, Global SPAC Partners would command a market value of $256 million.
The company is led by Chairman Abu Chowdhury, CFO and Managing Director of ASMA Capital, and CEO and Director Bryant Edwards, a former Partner at Latham & Watkins and former COO of SPAC Twelve Seas Investment, which went public in June 2018 and completed its combination with Brooge Holdings (BROG; -11% from $10 offer price) in October 2019. While it has not selected a focus industry yet, Global SPAC Partners plans to target businesses in the Middle East and North Africa (MENA) or South and Southeast Asian regions with predictable cash flow generation, high barriers to entry, and strong balance sheets, among other characteristics.
Global SPAC Partners was founded in 2020 and plans to list on the Nasdaq under the symbol GLSPU. The company filed confidentially on August 25, 2020. I-Bankers Securities is the sole bookrunner on the deal.
