Asia-focused SPAC Qomolangma Acquisition prices $50 million IPO

Qomolangma Acquisition, a blank check company targeting middle-market businesses with a connection to Asian markets, raised $50 million by offering 5.0 million units at $10. Qomolangma is the Tibetan name for Mount Everest.

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.

Qomolangma Acquisition is led by CEO and Chairman Jonathan Myers, a current Partner at Ventac Partners, and CFO and Director Hao Shen, the founder and Managing Director of Shanghai Zhaohui Network Technology.

The SPAC seeks to leverage management's experience and target opportunities within the Asian market that have enterprise values of between $300 million and $500 million. Sectors of interest include Internet and high technology, financial technology, clean energy, food processing, manufacturing, and education, among others. 

The New York, NY-based company plans to list on the Nasdaq under the symbol QOMOU. Ladenburg Thalmann acted as sole bookrunner on the deal.