QuasarEdge Acquisition, a blank check company focused on long-term growth potential and defensible market positions, 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-fourth of one ordinary share upon the consummation of an initial business combination.
QuasarEdge Acquisition is led by CEO, CFO, and Chairwoman Qi Gong, the founder and CEO of various consulting firms including American Wall Street Listed Group and tech-focused American Information Technology. Gong also currently serves as the CEO of Quartzsea Acquisition (QSEA; +4% from $10 offer price), which has a pending merger agreement with China-based food packaging maker Cuisine Universal.
While it hasn't selected a target industry or geography, the SPAC plans to focus on businesses with long-term growth potential and highly defensible market positions, particularly those with enterprise values between $180 million and $1 billion.
The New York, NY-based company will trade on the NYSE under the symbol QREDU. Polaris Advisory Partners acted as sole bookrunner on the deal.
