UK Wisdom, a blank check company formed by Ucommune International targeting businesses in Asia, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
The Beijing, China-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, UK Wisdom would command a market value of $65 million.
The company is led by Chairman Daqing Mao, the founder of Ucommune, and CEO Xuefei Xiao, who currently serves as the head of the legal department at Ucommune. It plans to target Asian businesses in the e-commerce, new energy, enterprise services, education, and biomedical sectors, focusing on those with enterprise values between $200 million and $1 billion.
UK Wisdom is sponsored in part by Ucommune International (UK), which went public via SPAC merger last November and last closed down 75% from the $10 offer price.
UK Wisdom was founded in 2021 and plans to list on the Nasdaq under the symbol UKWIU. The company filed confidentially on April 22, 2021. Maxim Group LLC is the sole bookrunner on the deal.
