SPAC Alkaid Acquisition files for a $50 million IPO, targeting IoT, manufacturing, and energy

Alkaid Acquisition, a blank check company targeting IoT, smart manufacturing, and renewable energy, filed on Thursday with the SEC to raise up to $50 million in an initial public offering.

The New York, NY-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one right to receive one-fifth of a right upon the consummation of an initial business combination. At the proposed deal size, Alkaid Acquisition would command a market value of $65 million.

The company is led by CEO and Chairman Greig Charlton, the CEO of event company Two Four Seven, and Managing Director of event planning company Shanghai Di Mai Culture Communication and software developer You Bao Network Technology. The company plans to target the Internet of Things (IoT), smart manufacturing, and renewable energy-related industries, focusing on businesses with enterprise values of approximately $300 million to $600 million.

Alkaid Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ALKDU. The company filed confidentially on May 20, 2022. Chardan Capital Markets is the sole bookrunner on the deal.