Silver Crest Acquisition, a blank check company formed by Ascendent Capital Partners targeting the consumer sector, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The Hong Kong-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Silver Crest Acquisition would command a market value of $313 million.
The company is led by Chairman Leon Meng, founding Managing Partner and Chairman of private equity firm Ascendent Capital Partners, and CEO and Director Derek Cheung, a Managing Director at Ascendent Capital Partners. The company plans to target businesses with differentiated products and services in one or more high growth consumer and consumer technology sectors.
Silver Crest Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SLCRU. The company filed confidentially on October 9, 2020. UBS Investment Bank is the sole bookrunner on the deal.
