A special purpose acquisition company (SPAC), Aura FAT Projects Acquisition Corp focused on funding emerging technology start-ups, announced the successful close of its initial public offering (IPO) on Nasdaq.
Consequently, the company has raised $115 million in funds after finishing an over-allotment round. According to the announcement, the Cayman Islands-incorporated SPAC raised an impressive $100 million consisting of 10 million units priced at $10 per share on the Nasdaq during its April 13 IPO, with an over-allotment of $15 million, bringing its total to $115 million.
As per the statement, the units have been available for trading since Wednesday, April 13. Each unit consists of one Class A ordinary share, along with one redeemable warrant entitling the holder thereof to purchase one Class A ordinary share for $11.50 per share.
The Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “AFAR” and “AFARW”, respectively.
The firm is focusing on crypto industry assets and will target acquisitions in the blockchain sector. It has also stated interest in rapidly evolving technology companies that deal with the digital ledger, Web3, crypto, and e-gaming assets.
EF Hutton, a division of Benchmark Investments, LLC (“EF Hutton”) served as sole book-running manager for the offering.
Many firms are coming ahead to focus on the blockchain ecosystem. In April, Bitcoin miner and infrastructure startup PrimeBlock announced it would go public by listing on Nasdaq via a merger with 10X Capital Venture Acquisition Corp. II (VCXA), a SPAC. PrimeBlock also secured a $300 million committed equity financing facility from CF principal investments LLC.