SPAC SPK Acquisition prices $50 million IPO, targeting TMT in Asia

SPK Acquisition, a blank check company targeting an Asia-based TMT business, raised $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.

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

SPK Acquisition plans to list on the Nasdaq under the symbol SPKAU. Chardan Capital Markets acted as sole bookrunner on the deal.