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SPAC Global Star Acquisition files for a $80 million IPO, targeting fintech and proptech

July 29, 2022

Global Star Acquisition, a blank check company focusing on fintech and proptech in the Nordic and APAC regions, filed on Friday with the SEC to raise up to $80 million in an initial public offering.

The company plans to raise $80 million by offering 8 million units at $10. Each unit contains one share of common stock, one 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, Global Star Acquisition would command a market cap of $106 million.

Global Star Acquisition is led by CEO and Chairman Anthony Ang, the Chairman of crowd funded real estate investment platform R. Vantage and crypto-focused Singapore Digital Exchange. He is joined by CFO Shan Cui, Managing Director of Capital First International, which provides consulting services to SPACs, private equity, venture capital, and other companies.

The company plans to target fintech and proptech businesses that offer technology solutions, broader technology software, services or products to the financial services or real estate industries. Global Star Acquisition plans to initially prioritize the Nordic region and Asia Pacific, especially South East Asia, as its geographical focus.

The McLean, VA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol GLSTU. Global Star Acquisition filed confidentially on April 29, 2022. EF Hutton is the sole bookrunner on the deal.