White Pearl Acquisition, a blank check company led by a Hong Kong executive targeting fintech and infotech, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-fifth of a share upon the consummation of an initial business combination. The SPAC had originally filed to raise $50 million in October, before upping the proposed deal size in January.
White Pearl Acquisition is led by CEO, CFO, and Chairman Naphat Sirimongkolkasem, who previously co-founded and led operations at Collis Capital, and before that served as investment director of Sapientia Capital. Mr. Sirimongkolkasem also previously served as CFO of Blue Safari Group Acquisition until its combination with Bitdeer Technologies Group (BTDR) in 2023.
White Pearl Acquisition plans to target businesses that are in the financial technology, information technology, and business services sectors. Mr. Sirimongkolkasem and another director are residents of Hong Kong, while two other directors are located in mainland China, though the SPAC states that its targets are not limited to any particular geographic region or industry.
White Pearl Acquisition listed its units on Monday on the NYSE under the symbol WPACU. D. Boral Capital acted as sole bookrunner on the deal.
