Fortune Joy International Acquisition, a blank check company targeting businesses in the Asia-Pacific region, filed on Thursday with the SEC to raise up to $40 million in an initial public offering.
The Shenzhen, China-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-half of a warrant, exercisable at $11.50. At the proposed deal size, Fortune Joy International Acquisition would command a market value of $53 million.
The company is led by CEO and Chairman Long Chen, the founder of various online platforms including Beijing Xiying Times Culture Group and Wuhan Love Food Agriculture Development Technology. The company plans to target businesses in fast-moving consumer goods, internet based e-commerce technologies, and new energy industries with primary operations in the Asia-Pacific region.
Fortune Joy International Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol XYGJU. Tiger Brokers is the sole bookrunner on the deal.
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