Aquarius I Acquisition, a blank check company formed by Lion Group Holding, raised the proposed deal size for its upcoming IPO on Wednesday.
The Hong Kong, China-based company now plans to raise $75 million by offering 7.5 million units at a price of $10. The company had previously filed to offer 5 million units at the same price. Each unit contains 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, Aquarius I Acquisition will raise 50% more in proceeds than previously anticipated.
The company is led by CEO and Director Sze Lee, CFO of Lion Group Holding, and CFO Di Wu, financial controller of Lion Group Holding. The company aims to leverage management's experience and network of connections to target high growth businesses with enterprise values between $150 million and $300 million.
Aquarius I Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol AIACU. Maxim Group LLC is the sole bookrunner on the deal.
