Namaste World Acquisition, a blank check company targeting the TMT and tech-enabled consumer sectors, lowered the proposed deal size for its upcoming IPO on Thursday.
The Wilmington, DE-based company now plans to raise $100 million by offering 10 million units at $10. The company had previously filed to offer 20 million units at the same price. Each unit now consists of one share of common stock and one warrant, exercisable at $11.50. Each unit previously contained one-half of a warrant. At the revised deal size, Namaste World Acquisition will raise -50% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Suresh Guduru, whose current roles include serving as CEO of food and hospitality business Organic Ingredients, and CEO and CTO of software and technology services company Softengg. The company plans to target the TMT and technology-empowered consumer sectors, with a particular emphasis on technology-driven, disruptive, and high growth businesses focused on rapidly evolving consumer behavior, new platforms and methodologies influencing consumption, and differentiating intellectual property, among other characteristics.
Namaste World Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol NWACU. EF Hutton is the sole bookrunner on the deal.
