Super Plus Acquisition, a blank check company led by Chinese executive Long Yi targeting a business in Asia or North America, raised the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $60 million by offering 6 million units at $10. The company had previously filed to offer 5 million units at the same price. Each unit 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-half of a warrant, exercisable at $11.50. At the revised deal size, Super Plus Acquisition will raise 20% more in proceeds than previously anticipated and command a market cap of $78 million.
The SPAC is led by Chairman and CEO Long Yi, who previously served as Chairman and CEO of Urban Tea, when the Chinese tea retailer and distributor traded on the Nasdaq (ticker: MYT); the company has since changed its name and shifted its focus to blockchain technology (Bit Brother; Nasdaq: BTB). He is joined by CFO and Director Jing (Kan) Lu, who served as CFO of Urban Tea.
Super Plus Acquisition was founded in 2021 and plans to list on the Nasdaq, although it has not yet selected a symbol (RC Ticker: SUPRU.RC). Maxim Group LLC is the sole bookrunner on the deal.
