Zi Toprun Acquisition, a blank check company targeting transportation in North America, Europe, and Asia, filed on Friday with the SEC to raise up to $110 million in an initial public offering.
The company plans to raise $110 million by offering 11 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, Zi Toprun Acquisition would command a market value of $143 million.
The SPAC is led by Chairman Yatao Pang, founder and Managing Partner of Zhongi Fund Management, and CEO and Director Yaojun Liu, co-founder and Managing Partner of real estate development company TA Partners. Zi Toprun Acquisition plans to target the transportation industry, particularly areas including battery or charging, auto pilot drive and advanced driver assistance systems, and general microchip design and production and technology, among others. It plans to focus on businesses in North America, Europe, and Asia (excluding China) with valuations between $200 million and $600 million.
The Irvine, CA-based company was founded in 2021 and plans to list on the Nasdaq under the symbol ZTOPU. Zi Toprun Acquisition filed confidentially on July 12, 2021. EF Hutton is the sole bookrunner on the deal.
