Aura FAT Projects Acquisition Corp, a Special Purpose Acquisition Company (SPAC) announced that it has raised US$100 million for its initial public offering (IPO) on Nasdaq. An over allotment option on a further 1,500,000 units for a further US$15,000,000 has been fully exercised as well.
The SPAC is offering 10 million units priced at US$10 per unit, where each unit consists of one Class A ordinary share and one redeemable warrant, which entitles the unitholder to purchase one Class A ordinary share at a price of $11.50 per share. The units have been available for trading since April 13, 2022.
The blank cheque company has a keen interest in new emerging technology companies, with acute growth potential in Southeast Asia and Australasia in sectors such as the Web3, blockchain, cryptocurrency, digital ledger, e-gaming and other new financial technology and services industries.
Aura FAT is sponsored by Aura Group, a Singapore-based financial services company and Fat Projects, a Singapore headquartered investment and venture studio established in 2015. Aura FAT currently has presence in Sydney, Melbourne, Manila and Ho Chi Minh City and is intending to expand its presence beyond China.
EF Hutton, division of Benchmark Investments, is acting as the sole book running manager for the offering. Aura FAT has granted the underwriters a 45-day option to purchase up to an additional 1.5 million units at the IPO price to cover overallotments. This offering closed on April 18, as all the over-allotments have been fully exercised.
With this SPAC listing, Aura FAT intends to target new emerging technology companies that possess a strong executive team with the experience, network and skills to accelerate its growth and underlying valuation within 12 months post-acquisition.
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“Southeast Asian economies are among some of the fastest growing in the world, with several at the forefront of the digital revolution,” says Calvin Ng, co-founder of Aura group. “This is predominantly why Aura Fat is determined in its search for a target acquisition in this region.”
“Our SPAC listing allows us to be well positioned to help high potential companies who are in need for liquidity and funding to grow,” adds Ng.
Adding on, David Andrada, co-founder of Fat Projects says, “Collectively, the team has over 200 years of experience investing in innovative technologies and boasts a strong track record in identifying quality and reputable companies. We are confident that through our network, we will be able to identify the right company that aligns with our values for a business combination.”
