SPAC Phoenix Acquisition files for a $40 million IPO, targeting TMT in Asia and North America

Phoenix Acquisition, a blank check company targeting the TMT sectors in Asia and North America, filed on Friday with the SEC to raise up to $40 million.

The Singapore-based company plans to raise $40 million by offering 4 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Phoenix Acquisition would command a market value of $53 million.

The company is led by CEO and Chairman Wayne Farmer, a Senior Advisor to Hong Kong-based private equity firm Cobalt Equity Partners, and the founder and Managing Partner of Islemount Limited, a boutique business and capital consulting and strategy firm which primarily focused on Greater China and Southeast Asia. The company plans to target businesses operating in Asia and North America with enterprise values between $200 million and $500 million, focusing on the telecommunications, media and technology (TMT) sector.

Phoenix Acquisition was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: PHOEU.RC). Ladenburg Thalmann and Brookline Capital Markets are the joint bookrunners on the deal.