Blank check for Chinese e-commerce: E-compass Acquisition sets terms for $40 million IPO

E-compass Acquisition, a blank check company formed to acquire an e-commerce business in China, announced terms for its IPO on Tuesday.

The Beijing, China-based company plans to raise $40 million by offering 4.0 million units at $10. At that price it would command a market value of $52 million.

The company's management was behind the IPO of China-focused blank check company Sino Mercury Acquisition (SMACU), which recently combined with Wins Finance Group.

E-compass Acquisition, which was formed in 2014, plans to list on the NASDAQ under the symbol ECACU. E-compass Acquisition initially filed confidentially on November 17, 2014. Cantor Fitzgerald is the sole bookrunner on the deal.