AI Transportation Acquisition, a blank check company targeting the AI transportation industry, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering.
The New York, NY-based company plans to raise $50 million by offering 5 million units at $10. 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 three-quarters of a warrant, exercisable at $11.50. At the proposed deal size, AI Transportation Acquisition would command a market value of $66 million.
The company is led by CEO and Chairman Yongjin Chen, a Partner at UniTHU Capital Investment Management and a former Founding Partner at Beijing D&S Capital Management. The company plans to target the AI transportation industry, focusing on logistics, new energy vehicles, and smart parking, among other types of "intelligent transportation."
AI Transportation Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol AITRU. EF Hutton is the sole bookrunner on the deal.
