Forest Acquisition, a blank check company targeting middle-market growth businesses, filed on Monday with the SEC to raise up to $66 million in an initial public offering.
The company plans to raise $66 million by offering 6.6 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, Forest Acquisition would command a market value of $85 million.
Forest Acquisition is led by Chairman and CEO Ming Zhang, the current Chairman of CCIS Securities and former CEO of Greencity Acquisition (GRCYU), which went public in July 2020 but did not complete a merger prior to its trust termination in April of this year. He is joined by CFO Zhihua Zhu, the current Chairman of Hong Kong Financial Services. The company seeks to leverage management's experience and target opportunities with enterprise values of between $200 million and $500 million.
The New York, NY-based company was founded in 2019 and plans to list on the Nasdaq but has not selected a ticker yet (RC ticker: FORAU.RC). Ladenburg Thalmann is the sole bookrunner on the deal.
