Distoken Acquisition, a blank check company targeting the tech sector 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.
The company is led by CEO and Chairman Jian Zhang, who currently serves as CEO and Managing Partner of Yunnan Xiaosen Venture Capital, CEO of Hangzhou Hechuang Investment Management, and CEO of blockchain company Tongzheng Huilian Technology. The company plans to target businesses in the tech industry with primary operations in Asia and enterprise values between $100 million and $200 million. It will not pursue a combination with any target business utilizing a VIE structure.
Distoken Acquisition plans to list on the Nasdaq under the symbol DISTU. I-Bankers Securities and IB Capital LLC acted as joint bookrunners on the deal.
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