SPAC Super Plus Acquisition files for a $50 million IPO, targeting Asia or North America

Super Plus Acquisition, a blank check company led by Chinese executive Long Yi targeting a business in Asia or North America, filed on Friday with the SEC to raise up to $50 million in an initial public offering.

The New York, NY-based company plans to raise $50 million by offering 5.0 million units at a price of $10. Each unit consists of one share of common stock, one-half of a warrant exercisable at $11.50 per share, and a right to receive one-tenth of a share upon completion of the SPAC's business combination.

The SPAC is led by Chairman and CEO Long Yi, who previously served as Chairman and CEO of Urban Tea, when the Chinese tea retailer and distributor traded on the Nasdaq (ticker: MYT); the company has since changed its name and shifted its focus to blockchain technology (Bit Brother; Nasdaq: BTB). He is joined by CFO and Director Jing (Kan) Lu, who served as CFO of Urban Tea.

The SPAC intends to focus on acquiring growth-oriented businesses in Asia or North America with an enterprise value between $100 million and $300 million.

The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq but did not disclose a ticker (RC symbol: SUPRU.RC). Super Plus Acquisition filed confidentially on July 23, 2021. Maxim Group LLC is the sole bookrunner on the deal.