Chinese services SPAC AGBA Acquisition files for a $40 million US IPO

AGBA Acquisition, a blank check company targeting the services sector in China, filed on Thursday with the SEC to raise up to $40 million in an initial public offering.

The Kowloon, Hong Kong-based company plans to raise $40 million by offering 4 million units at a price of $10. At $10, AGBA Acquisition would command a market value of $52 million. The units consist of one share of common stock, one warrant, and one right to receive an ordinary share upon the consumption of the business combination. Two warrants are needed to to purchase a share at $11.50, and 10 rights are needed to receive a share.

AGBA Acquisition was founded in 2018 and plans to list on the Nasdaq under the symbol AGBAU. Maxim Group LLC is the sole bookrunner on the deal.