ARC Group Acquisition I, formerly D. Boral ARC Acquisition II, is a blank check company led by executives from Bio Green Med Solution and ARC Group, lowered the proposed deal size for its upcoming IPO on Wednesday. The SPAC also changed its name and management after D. Boral Capital withdrew as a co-sponsor of the company.
The New York, NY-based company now plans to raise $150 million by offering 15 million units at a price range of $10. The company had previously filed to offer 25 million units. Each unit still consists of one share of common stock and one-half of one warrant, exercisable at $11.50. At the revised deal size, ARC Group Acquisition I will raise 40% less in proceeds than previously anticipated.
Arc Group is now led by CEO and Director Datuk Wong, the CEO of Bio Green Med Solution (Nasdaq: BGMS). He is joined by CFO Cu Seng Kui, the CFO of Bio Green Med Solution, and COO and Director Ian Hanna, the CEO and Partner of ARC Group Securities.
While it hasn't selected a target industry or geography, the SPAC plans to focus on businesses with enterprise values of $700 million or greater.
ARC Group Acquisition I was founded in 2025 and plans to list on the Nasdaq under the symbol ARBCU. Arc Group Securities is the sole bookrunner on the deal.
