Fintech-focused SPAC PROTONIQ Acquisition files for a $100 million IPO

PROTONIQ Acquisition, a blank check company targeting fintech with a focus on the APAC region, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.

The company plans to raise $100 million by offering 10 million units at a price of $10. Each unit contains one share of common stock, one-half of a warrant, exercisable at $11.50, and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, PROTONIQ Acquisition would command a market cap of $130 million.

PROTONIQ Acquisition is led by CEO and Chairman Babar Ali, the former Executive Director of wealth management firm NewQuantum Holdings and founder of fintech firms Goodments and WealthO2, as well as CFO and Director Atle Crowe-Maxwell, the Managing Director of DBA Reconstruction and Advisory. Management intends to target fintech businesses in the APAC region, focusing on those delivering differentiated financial services in the wealth management, financial advisory, and investment management sectors.

The Ashfield, Australia-based company was founded in 2022 and plans to list on the Nasdaq under the symbol PROQU. PROTONIQ Acquisition filed confidentially on June 8, 2022. JonesTrading is the sole bookrunner on the deal.