SPAC AlphaTime Acquisition prices $60 million IPO, targeting business in Asia

AlphaTime Acquisition, a blank check company targeting businesses in Asia, raised $60 million by offering 6 million units at $10. 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.

AlphaTime Acquisition is led by Chairwoman Xinfeng Feng, the founder and Chair of Guowangxin (Shenzhen) Investment, and CEO Dajiang Guo, a Managing Director at Revere Securities whose previous roles include CSO of China Renaissance and CEO of CITIC Securities International USA. The company plans to target businesses in Asia with strong management teams and growth potential, among other characteristics. It may pursue businesses in China, excluding those with China operations consolidated through a VIE structure.

AlphaTime Acquisition plans to list on the Nasdaq under the symbol ATMCU. Chardan Capital Markets acted as sole bookrunner on the deal.