Fortune Joy International Acquisition, a blank check company targeting businesses in the Asia-Pacific region, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also removed joint bookrunner EF Hutton.
The Metuchen, NJ-based company now plans to raise $60 million by offering 6 million units at $10. The company had most recently filed to offer 7.5 million units at the same price. Each unit now 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. Each unit previously contained one share and one warrant. At the revised terms, Fortune Joy International Acquisition will raise 20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Long Chen, the founder of various online platforms including Beijing Xiying Times Culture Group and Wuhan Love Food Agriculture Development Technology. The company plans to target businesses in fast-moving consumer goods, internet based e-commerce technologies, and new energy industries in Asia and North America.
Fortune Joy International Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol XYGJU. Tiger Brokers is the sole bookrunner on the deal.
