According to the Zhongtong Finance APP, last Friday, the special purpose acquisition company(SPAC) YHN Acquisition I submitted its initial public offering(IPO) application to the US Securities and Exchange Commission(SEC), planning to raise up to $60 million. The company plans to list on NASDAQ with the code "YHNAU".
This Hong Kong-based company plans to issue 6 million units at a price of $10 per unit, with each unit consisting of one common stock and the right to receive one-tenth of a share after the completion of the business merger. Based on the proposed transaction size, the company's market cap will reach $78 million. The company has not yet identified a target industry or region, but plans to target enterprises with a strong management team and potential for recurring revenue.