GalaxyEdge Acquisition, a blank check company backed by a Chinese sponsor targeting long-term growth, raised $100 million by offering 10 million units at $10.
The SPAC had originally filed in October to raise $60 million by offering 6 million units at the same price, before upping the deal size in January. Each unit consists of one share of common stock and one right to receive 1/4 of one ordinary share upon the consummation of an initial business combination; GalaxyEdge had previously filed with 1/7 rights before sweetening the terms this past Monday.
GalaxyEdge Acquisition is led by Chairman, CEO, and CFO Ping Zhang, the General Manager of Green Leaf Air Freight, a US investment and logistics company; before that, Zhang served as an ad executive in China.
The SPAC plans to target companies within large underpenetrated markets with favorable industry dynamics, with strong management teams, and a defensible market position with sustainable competitive advantage.
Management's previous SPAC Quantumsphere Acquisition (QUMS) raised $72 million in 2025, and is pending a combination with Singapore-based online game platform SACH.
GalaxyEdge Acquisition plans to list on the NYSE under the symbol GLEDU. Kingswood Capital Markets acted as sole bookrunner on the deal.
