Lion Group Holding's SPAC Aquarius I Acquisition files for a $50 million IPO

Aquarius I Acquisition, a blank check company formed by Lion Group Holding, filed on Tuesday 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 $10 per unit. Each unit contains one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $65 million. 

The company is led by CEO and Director Sze Lee, CFO of Lion Group Holding, and CFO Di Wu, financial controller of Lion Group Holding. The company aims to leverage management's experience and network of connections to target high growth businesses with enterprise values between $150 million and $300 million.

The company was founded in 2021 and plans to list on the Nasdaq under the symbol AQUI.U. Aquarius I Acquisition filed confidentially on May 26, 2021. Maxim Group LLC is the sole bookrunner on the deal.