Cetus Capital Acquisition, a blank check company targeting the industrials, tech, and IoT industries in Taiwan, lowered the proposed deal size for its upcoming IPO on Thursday.
The Taipei, Taiwan-based company now plans to raise $50 million by offering 5 million units at $10. The company originally filed in July 2022 to offer 6 million units at the same price. At the revised terms, Cetus Capital Acquisition will raise 17% less in proceeds than previously anticipated.
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. 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, or businesses with China operations consolidated through a VIE structure.
Cetus Capital Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol CETUU. EF Hutton is the sole bookrunner on the deal.
