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SPAC JVSPAC Acquisition files for a $50 million IPO, targeting the lifestyle and tech sectors

October 26, 2023

JVSPAC Acquisition, a blank check company targeting businesses at the intersection of lifestyle and tech, filed on Thursday with the SEC to raise up to $50 million in an initial public offering.

The Hong Kong-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-fourth of a share upon the completion of an initial business combination. At the proposed deal size, JVSPAC Acquisition would command a market value of $67 million.

The SPAC is led by CEO and Chairman Albert Wong, co-founder and Executive Director of financial firm JVSakk Group and CEO of Kingsway Group Holdings, and CFO and Director Claudius Tsang, former Co-Head of Private Equity (North Asia) at Templeton Asset Management and Partner at Templeton Private Equity Partners.

Tsang also serves as the CFO of blank check companies A SPAC II Acquisition (ASCBU) and A SPAC I Acquisition (ASCA), the latter of which has a pending merger agreement with Asia-based fertility clinic NewGenIvf. He also previously served as the CEO of Model Performance Acquisition, which completed its combination with MultiMetaVerse (MMV) in January.

JVSPAC Acquisition plans to target businesses at the intersection of the lifestyle and technology sectors, focusing on those that have potential for revenue growth and/or operating margin expansion with recurring revenue and cash flow, strong market positions, and enterprise values between $100 million and $600 million.

JVSPAC Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol JVSAU. The company filed confidentially on June 7, 2021. Maxim Group LLC is the sole bookrunner on the deal.