Asia-focused SPAC TMT Acquisition ups deal size by 20% ahead of $60 million IPO

TMT Acquisition, a blank check company targeting businesses in Asia, raised the proposed deal size for its upcoming IPO on Wednesday.

The New York, NY-based company now plans to raise $60 million by offering 6 million units at $10. The company originally filed in September 2021 to offer 5 million units at the same price. Each unit still 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. At the revised deal size, TMT Acquisition will raise 20% more in proceeds than previously anticipated.

The company is led by Chairman Linan Gong, the former CEO of China Daqing M&H Petroleum, and CEO Dajiang Guo, who serves as a Senior Managing Director at Revere Securities and previously was a Partner at Tiger Securities and China Bridge Capital. The company plans to target businesses in Asia with strong management teams and potential for revenue and earnings growth, among other characteristics. The SPAC states that it will not target opportunities in China or Hong Kong.

TMT Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol TMTCU. Maxim Group LLC is the sole bookrunner on the deal.