Chenghe Acquisition III, a blank check company targeting businesses in or with a presence in Asia, raised $110 million by offering 11 million units at $10.00. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
Chenghe Acquisition III is led by CEO and Chairman Shibin Wang, the co-founder and CEO of regulated digital asset exchange Hong Kong Digital Asset Ex. The SPAC plans to target growing companies in Asian markets or global companies with a presence or focus in Asia.
The sponsor's previous SPACs include Chenghe Acquisition II, which merged with Indonesian B2B retail platform developer Polibeli Group (PLBL; -1% from offer price) this past August; Chenghe Acquisition I, which merged with Taiwan-based golf shaft maker FST (KBSX; -84%) this past January; and Chenghe Acquisition, which merged with optical components provider Semilux International (SELX; -89%) in February 2024.
Chenghe Acquisition III plans to list on the Nasdaq under the symbol CHECU. BTIG acted as sole bookrunner on the deal.
