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Cathay Capital Group's SPAC CCM Acquisition files for a $150 million IPO

May 28, 2021

CCM Acquisition, a blank check company formed by Cathay Capital Group executives targeting "new economy" sectors in Asia Pacific and Europe, filed on Friday with the SEC to raise up to $150 million in an initial public offering.

The New York, NY-based company plans to raise $150 million by offering 15 million units at $10 per unit. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $189 million. 

CCM Acquisition is led by Chairman Ming-Po Cai, the founder, CEO, and Chairman of Cathay Capital Group, and CEO and Director Kwok Yeung, Executive President of Cathay Capital Group. CCM Acquisition aims to target businesses in Europe and Asia Pacific in "new economy" sectors with enterprise values between $500 million and $1 billion. 

The company was founded in 2021 and plans to list on the Nasdaq under the symbol CCMCU. I-Bankers Securities is the sole bookrunner on the deal.