A SPAC I Acquisition, a blank check company targeting the TMT sector in the US and Asia, raised $60 million by offering 6 million units at $10. Each unit 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 three-fourths of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol ASCAU. Chardan Capital Markets acted as sole bookrunner on the deal.
