ARC Group Acquisition I, a blank check company led by executives from Bio Green Med Solution and ARC Group, raised $105 million by offering 10.5 million units at $10. Each unit consists of one share of common stock, one right to receive one-fourth of share at the time of the business combination, and one warrant, exercisable at $11.50.
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.
The New York, NY-based company will trade on the Nasdaq under the symbol ARCLU. Arc Group Securities and IB Capital acted as joint bookrunners on the deal.
