Metal Sky Star Acquisition, a blank check company targeting middle-market growth businesses, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
The New York, NY-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon completion of an initial business combination, and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Metal Sky Star Acquisition would command a market value of $128 million.
The company is led by CEO and Director Man Chak Leung, the General Manager of investment holding company China Seven Star Holdings and former Co-Head of Risk and Portfolio Management at China Minsheng Financial. The company has not selected a target industry or geography, but plans to target middle-market growth businesses with enterprise values between $300 million and $600 million, strong management teams, and revenue and earnings growth potential, among other characteristics.
Metal Sky Star Acquisition was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: MSKYU.RC). Ladenburg Thalmann is the sole bookrunner on the deal.
