Golden Path Acquisition, a blank check company targeting businesses with a connection to the Asian market, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
The New York, NY-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock, one warrant to purchase one-half of a share 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, Golden Path Acquisition would command a market value of $65 million.
The company is led by CEO and Chairman Shaosen Cheng, who is a senior advisor at Forest Hill Financial, and CFO Teddy Zheng, who serves as Managing Director of Cygnus Equity. Golden Path Acquisition plans to target businesses that have a connection to the Asian market, focusing on those with enterprise values between $150 million and $300 million.
Golden Path Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol GPCOU. Ladenburg Thalmann is the sole bookrunner on the deal.
