Arowana, an Australian blank check company focused on the energy and education industries, raised $72 million by offering 7.2 million units at $10 on Wednesday. At that price, the the North Sydney-based SPAC commands a market value of $95 million.
The offered units consist of one ordinary share, one right to receive one-tenth of an ordinary share on the consummation of an initial business combination and one warrant to purchase one-half of one ordinary share at a price of $12.50 per full share.
The company is led by Kevin Chin (9% post-IPO stake), who founded sponsor Arowana & Co. (4%) in 2007. Arowana is the parent company of business development company Arowana International (ASX: AWN), investment firm Arowana Partners and venture firm Arowana Capital. Initial shareholders committed to invest $4.5 million in a concurrent private placement.
Arowana plans to list its units on the NASDAQ under the symbol ARWAU. The company's ordinary shares, rights and warrants will begin trading on the NASDAQ under the symbols ARWA, ARWAR and ARWAW, respectively, after 90 days of trading. EarlyBird Capital acted as the lead manager on the deal.
