SPAC Aquaron Acquisition prices $50 million IPO, targeting new energy plays

Aquaron Acquisition, a blank check company targeting the new energy sector, raised $50 million by offering 5.0 million shares at $10.

Each unit consists of one share of common stock and one right to receive one-fifth of a share upon the completion of an initial business combination. While it does not offer a warrant, its right component is double that of most SPACs offering rights.

The New York, NY-based company is led by CEO and Chair Yi Zhou, the co-founder and CEO of Shanghai-based Ease Consulting, a Partner at Balloch Group, and a former associate at Susquehanna. She is joined by CFO and Director Qingze Zhao, a consultant at boutique management consulting firm Wang & Partners Consulting.

The company plans to target businesses in the new energy sector with enterprise values between $150 million and $300 million, focusing on those that are effectuating or supporting electric mobility including passenger and commercial transportation, warehouse and logistics, factory automation, and other tech-enabled "smart" environments.

Aquaron Acquisition plans to list on the Nasdaq under the symbol AQUNU. Chardan Capital Markets acted as sole bookrunner on the deal.