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Technology-focused SPAC Acri Capital Acquisition files for a $75 million IPO

March 11, 2022

Acri Capital Acquisition, a blank check company targeting technology-enabled sectors in North America, filed on Friday 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, Acri Capital Acquisition would command a market value of $94 million. 

Acri Capital Acquisition is led by CEO, CFO, and Chair Joy Hua, who founded Cohere Education in 2018, and has been Managing Director of Serene View Capital since 2016. The company plans to target technology-enabled industries in North America, such as SaaS, AI, cloud computing, and IoT in a variety of service industries, particularly in the e-commerce, financial services, ed-tech services, and health information services industries.

The Austin, TX-based company was founded in 2021 and plans to list on the Nasdaq, although it has yet to select a ticker (RC ticker: ACRIU.RC). EF Hutton and Prime Number Capital are the joint bookrunners on the deal.