Thunderstone Acquisition, a blank check company led by Chinese executives, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering.
The 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-eighth of a share upon the completion of an initial business combination.
Thunderstone Acquisition is led by CEO and Director Xunlei Lu, who currently serves as CEO of pearl manufacturer and wholesaler Living Stone Pearl Company. While it hasn't selected a target industry or geography, the SPAC plans to focus on businesses with strong management teams, revenue and earnings growth potential, and potential for strong free cash flow generation, among other characteristics.
The Hong Kong-based company was founded in 2025 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: THUNU.RC). D. Boral Capital is the sole bookrunner on the deal.
