XFLH Capital, a blank check company led by Chinese executives, raised $100 million by offering 10 million units at $10. The company had originally filed to offer 6 million units at the same price. Each unit consists of one share of common stock and one right to receive one-seventh of one share upon the consummation of an initial business combination.
The SPAC is led by CEO and Director Yanzhe Yang, who founded and serves as the CEO of Aroui Health Management. He is joined by CFO Tianshi Yang, who previously served as the CSO of SunCar Technology Group (Nasdaq: SDA), and as the CFO of TD Holdings (formerly Nasdaq: GLG).
The SPAC plans to target growth businesses with enterprise values between $200 million and $400 million that have strong management teams, a track record of revenue and earnings growth, and the ability to generate stable and increasing free cash flow.
XFLH Capital plans to list on the NYSE under the symbol XFLHU. Maxim Group LLC acted as sole bookrunner on the deal.
