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Fintech SPAC Blue Safari Group Acquisition files for a $50 million US IPO

May 6, 2021

Blue Safari Group Acquisition, a Chinese blank check company targeting fintech and related business services companies, filed on Thursday with the SEC to raise up to $50 million in an initial public offering. 

The Hong Kong, China-based company plans to raise $50 million by offering 5 million units at a price of $10, where it would command a market value of $66 million. Units are comprised of one share of common stock and one right to receive one tenth of a share upon the closing of an acquisition.

The company is led by Chairman Alan Yamashita and his son, CEO and CIO Alex Yamashita, along with CFO Naphat Sirimongkolkasem. Alan Yamashita serves as a Managing Partner at Polar Ventures, and previously was an executive advisor to Mizuho Alternative Investments, and CEO of Search Investment Group. Alex Yamashita previously co-founded blockchain investment firms PPL and TLDR in 2020 and 2016, respectively.

The SPAC was founded in 2021 and plans to list on the Nasdaq under the symbol BSGAU. Blue Safari Group Acquisition filed confidentially on March 29, 2021. Maxim Group LLC is the sole bookrunner on the deal.