Venus Acquisition, a blank check company targeting businesses that have a connection to the Asian market, raised $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.
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; -22% from $10 offer price).
Venus Acquisition plans to list on the Nasdaq under the symbol VENAU. Ladenburg Thalmann and Brookline Capital Markets acted as lead managers on the deal.
