Sunfire Acquisition, a blank check company formed by GLD Partners targeting the TMT sector, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-eighth of a share upon the completion of an initial business combination. At the proposed deal size, Sunfire Acquisition would command a market value of $129 million.
The company is led by CEO and Director Thomas Neukranz, who serves as Managing Director of Capital Markets for private equity firm GLD Partners, and CFO and Director Barry Kostiner, the President of microcap-focused EdTech investment vehicle Legacy Tech Partners. The company's management team also leads SPAC Sagaliam Acquisition (SAGAU), which filed this past May.
Sunfire Acquisition plans to target the telecommunications, media, and technology (TMT) industries in the Middle East and/or Asia.
Sunfire Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol SUNFU. EF Hutton is the sole bookrunner on the deal.
