Internet and tech SPAC Apollo Acquisition files for a $40 million IPO

Apollo Acquisition, a blank check company targeting the internet and technology sectors, filed on Tuesday with the SEC to raise up to $40 million.

The Beijing, China-based company plans to raise $40 million by offering 4 million units at $10. Each unit consists of 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, Apollo Acquisition would command a market value of $53 million.

The company is led by CEO and Chairman Brian Lin, the Chairman of Beijing Huitu Technology and the former CEO of Lianluo Smart (Nasdaq: LLIT). The company plans to target the internet and technology sectors, including blockchain infrastructure and software services.

Apollo Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol APOAU. Tiger Brokers and EF Hutton are the joint bookrunners on the deal.