Crescent Cove Acquisition, a blank check company formed by Crescent Cove Advisors targeting tech businesses in Southeast Asia, raised the proposed deal size for its upcoming IPO on Wednesday.
The San Francisco, CA-based company now plans to raise $250 million by offering 25 million units at a price of $10. The company had previously filed to offer 20 million units at the same price. Each unit will still consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Crescent Cove Acquisition will raise 25% more in proceeds than previously anticipated.
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. Cantor Fitzgerald is the sole bookrunner on the deal.
