A SPAC I Acquisition, a blank check company targeting the technology and e-commerce sectors in Asia, filed on Tuesday with the SEC to raise up to $80 million.
The Hong Kong-based company plans to raise $80 million by offering 8 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, A SPAC I Acquisition would command a market value of $104 million.
The company is led by CEO, CFO, and Director Claudius Tsang, who previously served as the Co-Head of Private Equity for North Asia at Templeton Asset Management and a Partner of Templeton Private Equity Partners, and Chairman Ming Jin, the founder and CEO of Mission Capital and founder and Managing Partner of Cygnus Equit. Tsang also serves as the CEO of April 2021 SPAC IPO Model Performance Acquisition (MPACU).
The company plans to target the technology and e-commerce industries, focusing on those in Asia, with unseen potential for revenue growth and/or operating margin expansion with high recurring revenue and cash flow, strong market positions, and enterprise values between $200 million and $600 million.
A SPAC I Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol "ASPAU," though we note that another SPAC filed earlier this month to list under that ticker (RC ticker: ASPA.U). The company filed confidentially on June 23, 2021. Chardan Capital Markets is the sole bookrunner on the deal.
