Technology SPAC Yotta Acquisition prices $100 million IPO

Yotta Acquisition, a blank check company targeting high-tech industries, raised $100 million by offering 10 million units at $10. Each unit 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 warrant, exercisable at $11.50.

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.

Yotta Acquisition plans to list on the Nasdaq under the symbol YOTAU. Chardan Capital Markets acted as sole bookrunner on the deal.