Yotta Acquisition, a blank check company targeting high-tech industries, raised the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $100 million by offering 10 million units at $10. The company had originally filed to offer 6 million units at the same price. Each unit now 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, exercisable at $11.50. Each unit previously contained one share of common stock and one warrant. At the revised deal size, Yotta Acquisition will raise 67% more in proceeds than previously anticipated.
Yotta Acquisition is led by CEO and Director Hui Chen, who previously worked at eBay and IBM before forming the Law Offices of Hui Chen & Associates, and CFO and Director Robert Labbe, a manager at MCAP Realty Advisors. The company plans to target high technology, blockchain, software and hardware, ecommerce, social media and other general business industries globally.
Yotta Acquisition was founded in 2021 and plans to list on the Nasdaq, although it has yet to select a ticker (RC ticker: YTTAU.RC). Chardan Capital Markets is the sole bookrunner on the deal.
