Watu Metals Acquisition, a blank check company led by Australian executives, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
The company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-eighth of one ordinary share upon the consummation of an initial business combination.
Watu Metals Acquisition is led by CEO Brendan Thomas Brown, the CEO of Cape Leveque Securities. He is joined by CFO and Chairman Alastair Beard, the CFO of Kiland Limited, Wundowie Carbon, and Extra Cover Trading. The sponsor, Alexander Tsui's Waru Capital, is also sponsoring recent IPO filer Aussie Aussie Acquisition.
The SPAC intends to target businesses with long-term financial visibility, defensible market position, growth opportunities through capital investment, and a talented and incentivized management team with a proven track record.
The Killara, Australia-based company was founded in 2025. It plans to list on the Nasdaq, although it has not yet selected a symbol (RC ticker: WATU.RC). Chardan Capital Markets is the sole bookrunner on the deal.
