Model Performance Acquisition, a blank check company targeting businesses in Asia, raised $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.
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 plans to list on the Nasdaq under the symbol MPACU. Maxim Group LLC acted as a lead manager on the deal.
