Alkaid Acquisition Files for $50M IPO


Alkaid Acquisition registered with the SEC to offer 5 million untis at $10 each, with each unit consisting of one share and one right to receive one-fifth of a share upon the consummation of an initial business combination.

The new SPAC intends to focus on the Internet of Things (IoT), smart manufacturing, and renewable energy related industries. 

“Although we currently do not have any People’s Republic of China (“PRC”) subsidiary or China operations, a majority of our officers and directors have significant ties to, and business experience in, mainland China and Hong Kong, which may make us a less attractive partner to certain potential non-China- or non-Hong Kong-based target businesses,” management noted in the S-1 filing. “Even if we can locate an appropriate candidate for our business combination, we may not be able to enter into a business combination agreement that is in our favor if our officers and directors are unfamiliar with the markets outside of China and due to the limited business combination period. These risks could significantly and negatively impact our search for a target business and/or the value of the securities we are registering for sale.”

CEO and Chairman Greig Andrew Robert Charlton has served as legal representative and managing director of You Bao Network Technology (Shanghai) Co., Ltd, a software development company, since November 2015; legal representative and Chairman of Chi Yan Business Consulting (Shanghai) Co., Ltd, a consulting company, since November 2015, among other ongoing business relationships.

Alkaid has applied to list on the Nasdaq under the symbol ALKDU, with Chardan serving as sole bookrunner for the offering. Read more.

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