A SPAC I Acquisition, a blank check company targeting the TMT sector in the US and Asia, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Hong Kong-based company now plans to raise $60 million by offering 6 million units at $10. The company had previously filed to offer 8 million units at the same price. Each unit now consists of one share of common stock, one right to receive one-twentieth of a share upon the completion of an initial business combination, and three-fourths of a warrant, exercisable at $11.50. Each unit previously contained one right to receive one-tenth of a share. At the revised deal size, A SPAC I Acquisition will raise -25% less in proceeds than previously anticipated.
The company is led by CEO, CFO, and Chairman Claudius Tsang, who previously served as the Co-Head of Private Equity for North Asia at Templeton Asset Management and a Partner of Templeton Private Equity Partners. The company plans to target the TMT sector in the US and Asia (excluding China), focusing on businesses that have potential for revenue growth and/or operating margin expansion, strong market positions, and total enterprise value between $250 million and $600 million.
A SPAC I Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ASCAU. Chardan Capital Markets is the sole bookrunner on the deal.
