Phoenix Acquisition Limited Files for $40M IPO


Phoenix Acquisition Limited registered to offerr 4 million units priced at $10 each. A unit consists of one ordinary share and one-third of one redeemable warrant, with whole warrants exercisable for a share at $11.50.

The new SPAC intends to focus on operating businesses in the TMT industry in Asia or North America.

Phoenix is led by Director, CEO and Chairman Wayne Christopher Farmer, who is a senior advisor of Cobalt Equity Partners, a Hong Kong-based industrial-focused private equity firm. 

Underwriter Ladenburg Thalmann has an option to purchase up to an additional 600,000 units (to cover any over-allotments. Brookline Capital Markets is joint book-runner for the offering.

The SPAC in the filing said it has applied to list on the Nasdaq, but has not yet selected a ticker symbol. Read more.

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