Venus Acquisition, a blank check company targeting businesses that have a connection to the Asian market, filed on Friday with the SEC to raise up to $40 million in an initial public offering.
The New York, NY-based company plans to raise $40 million by offering 4 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the consummation of an initial business combination, and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Venus Acquisition would command a market value of $53 million.
The company is led by CEO and Chairman Yanming Liu, who currently serves as President of wavelength selective switch maker CoAdna, and CFO River Chi, who currently serves as the CEO of Chinese alloy distributor Alum Developing. While the company has not selected a target industry, it plans to focus on businesses that have a connection to the Asian market.
The pair's previous SPAC, Greenland Acquisition, went public in July 2018 and completed its acquisition of Chinese transmission products manufacturer Zhongchai in October 2019 to form Greenland Technologies (GTEC; -9% from $10 offer price).
Venus Acquisition was founded in 2018 and plans to list on the Nasdaq under the symbol VENU. The company filed confidentially on January 22, 2020. Ladenburg Thalmann and Brookline Capital Markets are the joint bookrunners on the deal.
