TMT SPAC 5G Edge Acquisition files for a $300 million IPO

5G Edge Acquisition, a blank check company targeting the TMT sector, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, 5G Edge Acquisition would command a market value of $375 million.

The company is led by Chairman and CFO Douglas Maine, a Senior Advisor to Brown Brothers Harriman and a former General Manager at IBM, and CEO and Director Allen Salmasi, the founder and CEO of Veea and NLabs, and founder and former CEO of NextWave Telecom. The company plans to target the TMT sector such as software, fixed and wireless communications, networking, security, and leading-edge technology market segments including 5G-related businesses, AI, and hybrid cloud-edge computing, among others.

5G Edge Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ARKEU. The company filed confidentially on February 3, 2021. Cantor Fitzgerald is the sole bookrunner on the deal.