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Cayman Islands incorporated Special Purpose Acquisition Company (SPAC) Aura FAT Projects Acquisition Corp has announced its successful Initial Public Offering (IPO) on the Nasdaq Exchange where it raised $115 million.
As announced by the company, the public offering featured as many as 10,000,000 units given at $10.00 per unit. The IPO also saw the firm give out its Class A ordinary share and one redeemable warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share.
As a SPAC, Aura Fat is entitled to raise funds via this method, after which it can then complete a merger with any company within its line of focus. Aura Fat said its approach to merge “will not be limited to a particular industry or geographic region, the company intends to focus its search on new emerging technology companies with an acute growth potential in Southeast Asia and Australasia in sectors such as the Web 3.0, blockchain, cryptocurrency, digital ledger, e-gaming, and other new financial technology and services sectors.”
A Growing Trend in the Blockchain Ecosystem
While SPAC mergers are not so common in the digital currency ecosystem nowadays as it is popular amongst Wall Street startups, a number of crypto-linked platforms have gone public through this means. One of the most prominent examples is the public debut of the Bakkt digital asset platform through a merger with VPC Impact Acquisition last year.
Additionally, startups like Core Scientific and Griid crypto mining firms have also gone public through mergers with different SPAC in July and December 2021 respectively.
Image source: Shutterstock
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