Energy Cloud I Acquisition, a blank check company targeting clean energy sectors in the Asia-Pacific region, filed on Wednesday with the SEC to raise up to $75 million in an initial public offering.
The Guangzhou, 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; one-half of a right, with each whole right entitling the holder to receive one-tenth of a share; and one warrant, exercisable at $11.50. At the proposed deal size, Energy Cloud I Acquisition would command a market value of $97 million.
The company is led by CEO and Chairman Kenn Kong, the founder of businesses including VS Group, VHudong, Geekbeans Capital, and ChainPlusOne. The company plans to target businesses in clean energy sectors with primary operations located in the Asia-Pacific region.
Energy Cloud I Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ECOAU. The company filed confidentially on September 22, 2021. EF Hutton is the sole bookrunner on the deal.
