Cetus Capital Acquisition, a blank check company targeting the industrials, tech, and IoT industries in Taiwan, filed on Thursday with the SEC to raise up to $60 million in an initial public offering.
The company plans to raise $60 million by offering 6 million units at $10. Each unit contains one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Cetus Capital Acquisition would command a market cap of $79 million.
Cetus Capital Acquisition is led by CEO and Chairman Chung-Yi Sun, the Managing Director of IT-focused investment firm AWinner Limited and AVP of green-tech company Lite-On Green Technologies. He is joined by CFO Cheng-Nan Wu, the General Manager Assistant for financial planning at Hotai Motor (TPE: 2207), and General Manager at Hotai Motor's investment subsidiary Hotong Motor Investment.
The company plans to target the industrials, technology, and Internet-of-Things (IoT) industries, focusing on businesses in Taiwan with enterprise values between $200 million and $1 billion. It will not consider businesses in China, including Hong Kong and Macau.
The Taipei, Taiwan-based company was founded in 2022 and plans to list on the Nasdaq under the symbol CETSU. EF Hutton is the sole bookrunner on the deal.
