Pomona Acquisition, a blank check company targeting fintech in Asia, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering.
The Hong Kong, China-based company plans to raise $50 million by offering 5 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, Pomona Acquisition will command a market value of $63 million.
The company is led by CEO and Director Gary Chan, founder and CEO of The CFO Centre, and CFO and Chairman Kelvin Sze, former Head of Macro Trading at Barclays in Hong Kong. The company aims to leverage management's experience to target fintech in Asia, with a particular focus on lending, wealth management, cross-border remittances, and insurance technology.
The company was founded in 2021 and plans to list on the Nasdaq under the symbol PMACU. JonesTrading is the sole bookrunner on the deal.
