Fortune Joy International Acquisition, a blank check company targeting businesses in the Asia-Pacific region, raised the proposed deal size for its upcoming IPO on Monday.
The Shenzhen, 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 4 million units at the same price. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Fortune Joy International Acquisition will raise 88% more in proceeds than previously anticipated.
The company is led by CEO and Chairman Long Chen, the founder of various online platforms including Beijing Xiying Times Culture Group and Wuhan Love Food Agriculture Development Technology. The company plans to target businesses in fast-moving consumer goods, internet based e-commerce technologies, and new energy industries with primary operations in the Asia-Pacific region.
Fortune Joy International Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol XYGJU. Tiger Brokers is the sole bookrunner on the deal.
