Malaysia-focused SPAC Technology & Telecommunication Acquisition prices $100 million IPO

Technology & Telecommunication Acquisition, a blank check company targeting the telecom and tech sector in Malaysia, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50.

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.

Technology & Telecommunication Acquisition plans to list on the Nasdaq under the symbol TETEU. EF Hutton acted as sole bookrunner on the deal.