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SPAC Global Star Acquisition prices $80 million IPO, targeting Nordic and APAC tech

September 19, 2022

Global Star Acquisition, a blank check company focused on fintech and proptech in the Nordic and APAC regions, raised $80 million by offering 8.0 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. 

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. CFO Shan Cui is Managing Director of Capital First International, which provides consulting services to SPACs, private equity, venture capital, and other companies. COO Nicholas Khoo is a director of AB&MEG Pte., an accounting solutions company.

The SPAC 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.

Global Star Acquisition plans to list on the Nasdaq under the symbol GLSTU. EF Hutton acted as sole bookrunner on the deal.