Arogo Capital Acquisition, a blank check company targeting the smart mobility and related sectors in Southeast Asia, lowered the proposed deal size for its upcoming IPO on Monday.
The Miami, FL-based company now plans to raise $90 million by offering 9 million units at $10. The company had previously filed to offer 10 million units at the same price. Each unit now consists of one share of common stock and one warrant, exercisable at $11.50. Each unit previously contained one-half of a warrant. At the revised deal size, Arogo Capital Acquisition will raise -10% less in proceeds than previously anticipated.
The company is led by CEO and Director Suradech Taweesaengsakulthai, who serves as the CEO of Cho Thavee (SET: CHO), which manufactures, sells, and services commercial vehicles with a focus on system integration for logistics systems. The company plans to target the electric vehicle technology, smart mobility, or sustainable transportation sectors in Asia Pacific, primarily Southeast Asia.
Arogo Capital Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol AOGOU. EF Hutton is the sole bookrunner on the deal.
