New energy-focused SPAC Aquaron Acquisition files for a $50 million IPO

Aquaron Acquisition, a blank check company targeting the new energy sector, filed on Thursday with the SEC to raise up to $50 million in an initial public offering.

The company plans to raise $50 million by offering 5 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. At the proposed deal size, Aquaron Acquisition would command a market value of $65 million.

Aquaron Acquisition is led by CEO and Chairman Jie Weng, the Director of Private Equity and Real Assets Investing at PICC Capital Equity Investment Company, and CFO and Director Qingze Zhao, a Consultant at boutique management consulting firm Wang & Partners Consulting. The company plans to target businesses in the new energy sector with enterprise values between $150 million and $300 million, focusing on those that are effectuating or supporting electric mobility including passenger and commercial transportation, warehouse and logistics, factory automation, and other tech-enabled "smart" environments

The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq under the symbol AQUNU. Aquaron Acquisition filed confidentially on May 28, 2021. Chardan Capital Markets is the sole bookrunner on the deal.