COVA Acquisition (formerly Crescent Cove Acquisition), a blank check company formed by Crescent Cove Advisors targeting tech businesses in Southeast Asia, raised $261 million by offering 26.1 million units at $10. The company offered 1.1 million more units than anticipated. It originally planned to offer 20 million units before increasing the offering last month. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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.
COVA Acquisition plans to list on the Nasdaq under the symbol COVAU. Cantor Fitzgerald acted as a lead manager on the deal.
