Kairous Acquisition, a blank check company led by the founder of Kairous Capital targeting businesses in Asia, filed on Tuesday with the SEC to raise up to $50 million.
The Kuala Lumpur, Malaysia-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Kairous Acquisition would command a market value of $65 million.
The company is led by CEO and Chairman Joseph Lee, the founder and Managing Partner of Kairous Capital, a regional venture firm focused on technology investments across China and Southeast Asia. The company plans to target businesses in Asia, focusing on those with enterprise values between $120 million and $300 million and revenue or net profit at an annual growth rate of at least 50%.
Kairous Acquisition was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: KARAU.RC). The company filed confidentially on June 8, 2021. Maxim Group LLC is the sole bookrunner on the deal.
