Valuence Merger I, a blank check company targeting life sciences and sustainability, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO Sung Yoon Woo, founder and CEO of South Korean private equity firm Credian Partners. He is joined by CFO and Director Andrew Hyung (ex-Nomura Greentech), President Sung Lee (ex-Global Development Group of SK), and COO Gene Cho (Executive Director of CG Pharmaceuticals).
The SPAC plans to target a life sciences or sustainable technology firm in Asia (excluding China, Hong Kong and Macau). The company expects to collaborate with VC firm CrystalBioSciences, Korean PE firm Credian Partners, and Japanese consulting firm Quantum Leaps.
The Orinda, CA-based SPAC plans to list on the Nasdaq under the symbol VMCAU. SVB Leerink acted as sole bookrunner on the deal.
