Model Performance Acquisition, a blank check company targeting businesses in Asia, filed on Thursday with the SEC to raise up to $50 million in an initial public offering.
The Hong Kong-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock; one-half of a warrant, exercisable at $11.50; and one right to receive one-tenth of a share upon the consummation of an initial business combination. At the proposed deal size, Model Performance Acquisition would command a market value of $65 million.
The company is led by CEO and Chairman Claudius Tsang, who previously served as Co-Head of Private Equity for North Asia at Templeton Asset Management and a Partner at Templeton Private Equity Partners. He is joined by CFO, President, and Director Serena Shie, whose current roles includes serving as CEO of English print publication Jumpstart Media. The company plans to target businesses in Asia with compelling economics and clear paths to positive operating cash flow, significant assets, and successful management teams, focusing on those with enterprise values between $200 million and $600 million.
Model Performance Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol MPACU. The company filed confidentially on February 1, 2021. Maxim Group LLC is the sole bookrunner on the deal.
