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HomeStartup NewsUS IPO of Asia-focused SPAC Eureka Acquisition raises $50 Million

US IPO of Asia-focused SPAC Eureka Acquisition raises $50 Million

Through its first public offering (IPO) in the US, Eureka Acquisition, a special purpose acquisition company (SPAC) focused acquiring companies in Asia, especially China, raised $50 million.

Through its first public offering (IPO) in the US, Eureka Acquisition, a special purpose acquisition company (SPAC) focused acquiring companies in Asia, especially China, raised $50 million.

The Shanghai-Brnd Blank Check offered 5 million units at $10 each in its registration with the US Securities and Exchange Commission (SEC). In order to address over-allotments, it also gave the underwriters a 45-day option to buy up to an extra 750,000 units at a cost of $10 apiece.

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On July 2, 2024, the units started trading on the Nasdaq under the ticker symbol “EURKU.”

Target industry information for a company combination was not provided by Eureka Acquisition. It stated that it will concentrate first on Asia and perhaps complete a business merger with a Chinese company.

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Dr. Fen Zhang, the founder partner of Hercules Capital Group, is in charge of the blank cheque company. Previously, he oversaw the large-scale alternative financing solutions for significant commercial endeavors.

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