TMT-focused SPAC SPK Acquisition files for a $50 million IPO

SPK Acquisition, a blank check company targeting an Asia-based TMT business, filed on Friday with the SEC to raise up to $50 million in an initial public offering.

The Shanghai, China-based company plans to raise $50 million by offering 5 million units at $10. Each unit contains one share of common stock and one right to receive one-tenth of a share upon completion of an initial business combination. At the proposed deal size, SPK Acquisition would command a market value of $65 million. 

SPK Acquisition is led by CEO and Chairman Sophie Tao, who was a Partner of Hanfor Capital Management from 2016 to 2021, and CFO and Director Philip Kwan, who is the co-founder and CEO of Palestra Sports. The company aims to leverage management's experience within the Asian TMT sector to acquire a globally-operating, Asia-based, TMT business with an enterprise value of approximately $250 million to $1 billion. 

SPK Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol SPKU. Chardan Capital Markets is the sole bookrunner on the deal.