Metal Sky Star Acquisition, a blank check company targeting middle-market growth businesses, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon completion of an initial business combination, and one warrant, exercisable at $11.50.
The company is led by CEO and Director Man Chak Leung, the General Manager of investment holding company China Seven Star Holdings and former Co-Head of Risk and Portfolio Management at China Minsheng Financial. The company has not selected a target industry or geography, but plans to target middle-market growth businesses with enterprise values between $300 million and $600 million, strong management teams, and revenue and earnings growth potential, among other characteristics.
Metal Sky Star Acquisition plans to list on the Nasdaq under the symbol MSSAU. Ladenburg Thalmann acted as sole bookrunner on the deal.
