Technology-focused SPAC Acri Capital Acquisition prices $75 million IPO

Acri Capital Acquisition, a blank check company targeting technology-enabled sectors in North America, raised $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. The trust will be initially overfunded at $10.20 per unit.

The company 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 SPAC 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.

Acri Capital Acquisition plans to list on the Nasdaq under the symbol ACACU. EF Hutton acted as sole bookrunner on the deal.