SPAC TMT Acquisition prices $60 million IPO, targeting businesses in Asia

TMT 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 and one right to receive two-tenths of a share upon the completion of an initial business combination.

The company is led by CEO and Chairman Dajiang Guo, who serves as a Managing Director at Revere Securities and previously was a Partner at Tiger Securities and China Bridge Capital. The company plans to target businesses in Asia with strong management teams and potential for revenue and earnings growth, among other characteristics. It states that while it may target businesses in China (incl. Hong Kong and Macau), it will not consummate an initial business combination with an entity or business with China operations consolidated through a VIE structure. 

TMT Acquisition plans to list on the Nasdaq under the symbol TMTCU. Maxim Group LLC acted as sole bookrunner on the deal.