TradeUP 88, the third blank check company led by the founder of Zhencheng Capital, filed on Wednesday with the SEC to raise up to $88 million in an initial public offering.
The New York, NY-based company plans to raise $88 million by offering 8.8 million units at $10 per unit. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $113 million.
TradeUp 88 is led by Co-CEO and Chairman Jianwei Li, the founder and Managing Partner of Zhencheng Capital, and Co-CEO and Director Lei Huang, who currently serves as the CEO of US Tiger Securities. Jianwei Li and Lei Huang also serve as Co-CEOs of TradeUP Global (TUGCU; +0% from offering price), which raised $40 million in April. Jianwei Li also serves as Co-CEO and Chairman of TradeUp Acquisition (UPTDU), which filed to raise $40 million in March. TradeUP 88 plans to target businesses that are fundamentally sound but underperforming their potential, exhibit unrecognized value, and offer opportunities to enhance financial performance, among other characteristics.
The company was founded in 2021 and plans to list on the Nasdaq under the symbol TUFUU. Tiger Brokers, CICC, and Kingswood Capital Markets are the joint bookrunners on the deal.
