Jade Value Acquisition, a blank check company targeting the internet and technology sectors, raised the proposed deal size for its upcoming IPO on Wednesday.
The Beijing, China-based company now plans to raise $75 million by offering 7.5 million units at $10. The company had previously filed to offer 4 million units at the same price. Each unit still consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the revised deal size, Jade Value Acquisition will raise 88% more in proceeds than previously anticipated.
The company is led by CEO and Chairman Brian Lin, the Chairman of Beijing Huitu Technology and the former CEO of Lianluo Smart (Nasdaq: LLIT). The company plans to target the internet and technology sectors, including blockchain infrastructure and software services.
Jade Value Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol JVACU. Tiger Brokers and EF Hutton are the joint bookrunners on the deal.
