Giant Oak Acquisition, a blank check company targeting middle-market growth businesses, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The New York, NY-based company plans to raise $100 million by offering 10 million units at a price of $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 one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Giant Oak Acquisition would command a market value of $128 million.
Giant Oak Acquisition is led by CEO and Chaiman Lei Zhang, an Advisor at Ivy Capital and former COO of GMEMS Technologies, and CFO River Chi, the CFO of February 2021 IPO Venus Acquisition (VENA; pending with VIYI Algorithm) and CEO of Alum Developing (Shanghai). The company plans to target middle-market growth businesses with strong management teams and revenue growth potential, among other characteristics.
Giant Oak Acquisition was founded in 2018 and plans to list on the Nasdaq under the symbol GOSCU. The SPAC filed confidentially on May 7, 2021. Ladenburg Thalmann is the sole bookrunner on the deal.
