ARC Group Acquisition I, 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 Thursday.
The New York, NY-based company now plans to raise $105 million by offering 10.5 million units at $10. The company had previously filed to offer 15 million units at the same price. ARC Group Acquisition I had originally filed to offer 25 million units. Each unit contains one share of common stock, one warrant exercisable at $11.50, and one right to receive one-fourth of one ordinary share upon the consummation of an initial business combination.
Arc Group is led by CEO and Director Datuk Wong, the CEO of Bio Green Med Solution (Nasdaq: BGMS). She 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. It plans to list on the Nasdaq under the symbol ARCLU. Arc Group Securities and IB Capital are the joint bookrunners on the deal.
