Technology-focused SPAC Yotta Acquisition files for a $60 million IPO

Yotta Acquisition, a blank check company targeting high-tech industries, filed on Thursday with the SEC to raise up to $60 million in an initial public offering.

The company plans to raise $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Yotta Acquisition would command a market value of $78 million. 

Yotta Acquisition is led by CEO and Director Hui Chen, who previously worked at eBay and IBM before forming the Law Offices of Hui Chen & Associates, and CFO and Director Robert Labbe, a manager at MCAP Realty Advisors. The company plans to target high technology, blockchain, software and hardware, ecommerce, social media and other general business industries globally.

The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq, although it has yet to select a ticker (RC ticker: YTTAU.RC). Yotta Acquisition filed confidentially on February 8, 2022. Chardan Capital Markets is the sole bookrunner on the deal.