Asia-focused SPAC Nova Vision Acquisition files for a $50 million IPO

Nova Vision Acquisition, a blank check company targeting businesses in Asia, filed on Tuesday with the SEC to raise up to $50 million.

The Hong Kong-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Nova Vision Acquisition would command a market value of $66 million.

The company is led by CEO, CFO, and Director Eric Wong, who currently serves as a Senior Advisor at Third Generation Capital and previously was an EVP at Living Style Group, and Chairman Wing Ngan, the co-founder and Chairman of QFPay Japan and co-founder and former CEO of QFPay International and Alchemy Global Payment Solutions. The company plans to target businesses in Asia, focusing on those in the PropTech, FinTech, ConsumerTech, and Supply Chain Management industries, or technology companies that serve these or other sectors.

Nova Vision Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol NOVVU. EF Hutton and Brookline Capital Markets are the joint bookrunners on the deal.