Lion Group Holding's SPAC Aquarius II Acquisition ups deal size by 20% ahead of $60 million IPO

Aquarius II Acquisition, the second blank check company formed by Lion Group Holding, raised the proposed deal size for its upcoming IPO on Monday.

The Hong Kong-based company now plans to raise $60 million by offering 6 million units at a price of $10. The company had previously filed to offer 5 million units at the same price. Each unit now 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. Each unit previously contained one share of common stock and one-half of a warrant. At the revised deal size, Aquarius II Acquisition will raise 20% more in proceeds than previously anticipated.

The company is led by CEO and Director Yan Zhang, who currently serves as President and Director of Lion Group Holding (LGHL), which went public via SPAC in June 2020. The company plans to target businesses with enterprise values of between $150 million and $300 million, strong and defensible market positions, current and potential capacity for revenue and earnings growth, and resilient business models, among other characteristics.

Aquarius II Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol AQUBU. EF Hutton is the sole bookrunner on the deal.