Aura FAT Projects Acquisition, a blank check company targeting emerging tech with growth potential in Southeast Asia and Australasia, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Singapore-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Aura FAT Projects Acquisition would command a market value of $126 million.
The company is led by Co-CEO and Chairman Tristan Lo and Co-CEO, CFO, and Director David Andrada, who serve as Managing Partners of start-up investment firm Fat Projects. The pair's previous SPAC, Fat Projects Acquisition (FATPU; +1% from $10 offer price), went public this past October and is still searching for a target.
The company plans to target new emerging technologies such as Web 3.0, blockchain, cryptocurrency, digital ledger, e-gaming, and other fintech and services sectors. It plans to focus on opportunities in the emerging markets of Southeast Asia (such as Singapore, Indonesia, Vietnam, Thailand, Malaysia and the Philippines), Australia, and New Zealand. It will not pursue opportunities in China, Hong Kong, or Macau.
Aura FAT Projects Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol AFARU. The company filed confidentially on January 28, 2022. EF Hutton is the sole bookrunner on the deal.
