PHP Ventures Acquisition, a blank check company targeting consumer-facing businesses with exposure to Africa, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock, one-half of a warrant, exercisable at $11.50, and one right to receive one-tenth of a share upon the completion of an initial business combination.
The company is led by CEO and Chairman Marcus Ngoh, former Director of Edmark Promotions HongKong, and CFO Garry Stein, the EVP of gold mining producer Hope Gold Limited. Management aims to leverage its experience to target a consumer-facing business with a significant Africa presence or compelling potential in Africa. PHP Ventures Acquisition may target businesses operating within consumer products, retail, services, and experiences that have brand leadership, are sustainability-minded, and are digitally enabled, among other attributes.
PHP Ventures Acquisition plans to list on the Nasdaq under the symbol PPHPU. EF Hutton acted as sole bookrunner on the deal.
