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SPAC Denali Capital Acquisition files for a $75 million IPO, led by CEO of US Tiger Securities

March 1, 2022

Denali Capital Acquisition, the fourth blank check company led by the CEO of US Tiger Securities, filed on Tuesday with the SEC to raise up to $75 million in an initial public offering.

The company plans to raise $75 million by offering 7.5 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, Denali Capital Acquisition would command a market value of $97 million. 

Denali Capital Acquisition is led by CEO Lei Huang, who leads the US division of Chinese brokerage firm UP Fintech (TIGR), and CFO Patrick Sun, the CFO Lake Crystal Energy. 

Huang also leads three other SPACs. He serves as the CEO and Director of Fortune Rise Acquisition (FRLAU; +1%), which went public in November 2021. In addition, he is currently the co-CEO and Director of TradeUP Global Corp (TUGC; -1%), which has a pending merger with bitcoin mining company SAITECH; and TradeUP 88 (TUFUU), which is on file for an $88 million offering.

Denali Capital Acquisition plans to target unique business concepts with high-performing organizations that have both aspirations to accelerate growth and create value within the technology, hospitality or consumer services sectors.

The New York, NY-based company was founded in 2022 and plans to list on the Nasdaq under the symbol DECAU. Tiger Brokers and EF Hutton are the joint bookrunners on the deal.