Spark I Acquisition, a blank check company formed by SparkLabs Group targeting late-stage tech startups with ties to Asia, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Palo Alto, CA-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Spark I Acquisition would command a market value of $164 million.
The company is led by CEO and Chairman James Rhee, a Partner at startup accelerator and venture fund network SparkLabs Group, and founder and former President of tech-focused aviation startup Aero K Holdings. The company plans to target late-stage tech startups, either in Asia or with a strong Asia presence or strategy, and plans to focus on businesses with enterprise values greater than $1 billion. It will not businesses with principal operations in China (including Hong Kong and Macau).
Spark I Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol SPKLU. The SPAC filed confidentially on April 13, 2022. Cantor Fitzgerald is the sole bookrunner on the deal.
