Blank check company shoots for the stars: Stars Acquisition files for a $40 million IPO

Stars Acquisition, a blank check company formed by Chinese entrepreneurs to acquire a US real estate company, announced terms for its IPO on Friday.

The New York, NY-based company plans to raise $40 million by offering 4 million shares at a price of $10. At that price, Stars Acquisition would command a market value of $52 million. 

Stars Acquisition was formed in 2016 and plans to list on the Nasdaq under the symbol STACU. Chardan Capital Markets is the sole bookrunner on the deal. Timing has not yet been determined.