Pomelo Acquisition, a blank check company targeting businesses in the Asia-Pacific and North America regions, filed on Monday with the SEC to raise up to $75 million in an initial public offering.
The Shanghai, China-based company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Pomelo Acquisition would command a market value of $97 million.
The company is led by CEO and Chairman Kiyohiro Kawayanagi, a Founding Partner of TMT-focused Japanese investment firm Bit World Japan Investment. The company plans to target businesses in the Asia-Pacific and North America regions, focusing on those with a leading industry position, sustainable competitive differentiation and superior economic models, and growth potential, among other characteristics.
Pomelo Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol PACLU. Prime Number Capital is the sole bookrunner on the deal.
