Artificial intelligence SPAC Goldenbridge Acquisition prices $50 million IPO

Goldenbridge Acquisition, a blank check company targeting the artificial intelligence industry, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock; one warrant to purchase one-half of a share, exercisable at $11.50; and one right to receive one-tenth of a share upon completion of the initial business combination.

The company is led by CEO and Chairman Yongsheng Liu, the former CEO of Royal China Holdings, and COO Ray Chen, the former CEO of Fortissimo Film International. The pair previously held the same roles for Wealthbridge Acquisition, which went public in February 2019 and merged with live entertainment mobile streaming company Scienjoy (SJ; +0% from $10 offer price) in May 2020. The company plans to target businesses in the artificial intelligence industry with enterprise values between $150 million and $300 million.

Goldenbridge Acquisition plans to list on the Nasdaq under the symbol GBRGU. Maxim Group LLC acted as a lead manager on the deal.