Fat Projects Acquisition, a blank check company targeting technology-led companies in Southeast Asia, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
The Singapore-based company plans to raise $100 million by offering 10 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $126 million.
Fat Projects Acquisition is led by co-CEO and Chairman Tristan Lo, a Managing Partner of start-up investment firm Fat Projects and founder of B2C e-commerce company Mums.sg, and co-CEO, CFO, and Director David Andrada, who is also a Managing Director at Fat Projects. The company aims to use its experience to target technology-led businesses with operations or potential operations in Southeast Asia. Fat Projects Acquisition may target companies with operations in supply chain, transportation, logistics, finance, sustainability/ESG, food, agriculture, e-commerce, or big data.
The company was founded in 2021 and plans to list on the Nasdaq, but has not yet selected a symbol. EF Hutton is the sole bookrunner on the deal.
