Plutonian Acquisition, a blank check company targeting metaverse tech, tourism, and e-commerce in the APAC region, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock, one warrant exercisable at $11.50, and one right to receive one-sixth of a share upon the consummation of an initial business combination. The trust will be initially overfunded at $10.18 per unit.
Plutonian Acquisition is led by CEO and Chairman Wei Kwang Ng, an AVP at Singapore Post and the COO of Parcel Santa, and CFO and Director Ke Wang, the Head of Quantitative Research at Allstate Insurance. The company plans to target metaverse tech, tourism, and e-commerce in the APAC region, focusing on businesses with enterprise values between $150 million and $300 million. It does not plan to target companies with China operations consolidated through a VIE structure.
Plutonian Acquisition plans to list on the Nasdaq under the symbol PLTNU. EF Hutton acted as sole bookrunner on the deal.
