Spark I Acquisition closed its initial public offering of 10 million units at $10 each.
A unit consists of one Class A share and one-half of a warrant.
Units list on the Nasdaq under the ticker symbol SPKLU. Once the securities begin separate trading, shares and warrants are expected to list under the symbols SPKL and SPKLW.
The company has said it will likely focus on targets that are late-stage technology startups in Asia, or a U.S. technology company with a strong Asia presence or strategy, with an enterprise value greater than $1 billion.
The SPAC was formed by SparkLabs Group Management, which oversees SparkLabs Group, a global network of startup accelerators and venture capital funds that has invested in over 400 startups, primarily technology focused, across six continents since 2013.
The SPAC’s CEO and Chairman James Rhee has been a partner of SparkLabs Group since 2022, and has been an advisor and mentor to SparkLabs Group since its founding. Read more.
