Asia-focused SPAC Qomolangma Acquisition files for a $50 million IPO

Qomolangma Acquisition, a blank check company targeting opportunities in Asian markets, filed on Monday 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, Qomolangma Acquisition would command a market value of $66 million.

Qomolangma Acquisition is led by CEO and Chairman Jonathan Myers, a current Partner at Ventac Partners, and CFO and Director Hao Shen, the founder and Managing Director of Shanghai Zhaohui Network Technology. The SPAC seeks to leverage management's experience and target opportunities within the Asian market that have enterprise values of between $300 million and $500 million. Sectors of interest include Internet and high technology, financial technology, clean energy, food processing, manufacturing, and education, among others.

The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq but has not selected a ticker yet (RC ticker: QLANU.RC). Ladenburg Thalmann is the sole bookrunner on the deal.