Qomolangma Acquisition registered to raise $50 million in an IPO of 5 million units, each consisting of one share, one right to receive one-tenth of a share, and a warrant redeemable at $11.50.
The new SPAC is focused on businesses in the Asian market with an enterprise value between $300 million and $500 million, and will not conduct an initial business combination with any target company that conducts operations through variable interest entities, or VIEs, or that has an auditor that the Public Company Accounting Oversight Board, or PCAOB, is unable to inspect for two consecutive years beginning in 2021.
Chairman, President and CEO Jonathan P. Myers is a partner with at Ventac Partners, which focuses on ventures in life sciences.
Qomolangma‘s sponsor and certain members of the board and management have significant business ties to or are based in China. “We may consider a business combination with an entity or business with a physical presence or other significant ties to China which may subject the post-business combination business to the laws, regulations and policies of China (including Hong Kong and Macao),” the filing states.
Ladenburg Thalmann is sole book-running manager.
The SPAC has applied for a Nasdaq listing, though has not yet selected a ticker symbol. Read more.
