Distoken Acquisition, a blank check company targeting the tech sector in Asia, raised the proposed deal size for its upcoming IPO on Friday.
The Yunnan, China-based company now plans to raise $60 million by offering 6 million units at $10. The company had previously filed to offer 5 million shares at the same price, and originally planned to offer 4 million units before increasing the offering in August 2021. The SPAC has been on file since September 2020. 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 warrant, exercisable at $11.50. At the revised terms, Distoken Acquisition will raise 20% more in proceeds than previously anticipated.
The company is led by CEO and Chairman Jian Zhang, who currently serves as CEO and Managing Partner of Yunnan Xiaosen Venture Capital, CEO of Hangzhou Hechuang Investment Management, and CEO of blockchain company Tongzheng Huilian Technology. The company plans to target businesses in the tech industry with primary operations in Asia and enterprise values between $100 million and $200 million. It will not pursue a combination with any target business utilizing a VIE structure.
Distoken Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol DISTU. I-Bankers Securities is the sole bookrunner on the deal.
