Crescent Cove Acquisition, a blank check company formed by Crescent Cove Advisors targeting tech businesses in Southeast Asia, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The San Francisco, CA-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Crescent Cove Acquisition would command a market value of $250 million.
The company is led by CEO, CFO, and Chairman Jun Hong Heng, the founder and CIO of credit-focused investment firm Crescent Cove Advisors. The company plans to target high growth technology and tech-enabled businesses in Southeast Asia in the consumer internet, ecommerce, and software industries, focusing on those with enterprise values of $1 billion or more.
Crescent Cove Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol COVAU. The company filed confidentially on December 23, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.
