SPAC Quetta Acquisition prices $60 million IPO, targeting fintech in Asia

Quetta Acquisition, a blank check company targeting the fintech sector in Asia, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one-tenth of a right to receive one share upon the completion of an initial business combination.

Quetta Acquisition is led by CEO and Chairman Hui Chen, who previously worked at eBay and IBM before forming the Law Offices of Hui Chen & Associates, and CFO and Director Robert Labbe, a manager at MCAP Realty Advisors. The company plans to target the fintech sector in Asia (excl. China, Hong Kong, and Macau), focusing on businesses with compelling long-term growth potential and highly defensible market positions.

Management's previous SPAC, Yotta Acquisition (YOTA; +8% from $10 offer price), went public in April 2022 and announced plans to merge with shrimp farmer NaturalShrimp the following October; NaturalShrimp terminated the agreement in July 2023.

Quetta Acquisition plans to list on the Nasdaq under the symbol QETAU. EF Hutton acted as sole bookrunner on the deal.