Lake Superior Acquisition, a blank check company targeting the energy storage, social media, and consumer staples industries, raised $100 million by offering 10 million units at $10.
Each unit consists of one ordinary share and one-seventh of a right to receive a share upon the completion of a business combination. The company originally filed to offer units with one-sixth rights, before reducing the rights per unit in mid-September.
Lake Superior Acquisition is able to go public despite the US government shutdown because its registration statement was already declared effective on September 30.
Lake Superior Acquisition is led by CEO and Chairman Edward Cong Wang, who currently serves as the Managing Partner at Pacifico Financial Group, and previously was the managing partner at The Balloch Group. Wang also previously served as CFO of Redwoods Acquisition, which merged with ANEW Medical in 2024, and now trades as Klotho Neuroscience (KLTO). Before that, he was CEO of Pacifico Acquisition until its merger with Caravelle, which now trades as High-Trend International Group (HTCO). Lake Superior Acquisition's CFO Ziqi Zhao was previously Director of Investment Banking for Guotai Junan Securities, a Chinese investment bank.
Lake Superior Acquisition plans to target the energy storage, social media, and consumer staples industries. It will seek to acquire one or more businesses with an enterprise value between $500 million and $1 billion that has proven cash generation.
Lake Superior Acquisition plans to list on the Nasdaq under the symbol LKSPU. Cohen & Company acted as sole bookrunner on the deal.
