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Malaysia-focused SPAC Technology & Telecommunication Acquisition files for a $100 million IPO

December 22, 2021

Technology & Telecommunication Acquisition, a blank check company targeting the telecom and tech sector in Malaysia, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.

The company plans to raise $100 million by offering 10 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, Technology & Telecommunication Acquisition would command a market value of $130 million.  

Technology & Telecommunication Acquisition is led by CEO and Chairman Tek Ng, the former CEO of Mines Resort, and CFO Chow Loke, the former CFO of Motos America (formerly WeConnect Tech International). The company plans to leverage management's experience and target technology and telecommunications businesses in Malaysia, focusing on those with enterprise values between $100 million and $500 million that are preferably already cash generative.

The Kuala Lumpur, Malaysia-based company was founded in 2021 and plans to list on the Nasdaq but has not selected a ticker yet (RC ticker: TTAQU.RC). EF Hutton is the sole bookrunner on the deal.