Distoken Acquisition, a blank check company targeting the tech sector in Asia, raised the proposed deal size for its upcoming IPO on Monday. The company last updated its prospectus in December 2020.
The Yunnan, China-based company now plans to raise $50 million by offering 5 million units at $10. The company had previously filed to offer 4 million units at the same price. 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 revised deal size, Distoken Acquisition will raise 25% more in proceeds than previously anticipated.
The company is led by CEO and Chairman Jian Zhang, who currently serves as CEO and Managing Partner of Yunnan Xiaosen Venture Capital, CEO of Hangzhou Hechuang Investment Management, and CEO of blockchain company Tongzheng Huilian Technology. The company plans to target businesses in the tech industry with primary operations in Asia and enterprise values between $100 million and $200 million.
Distoken Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol DISTU. I-Bankers Securities is the sole bookrunner on the deal.
