New SPAC: Sichuan Wanma Benteng Technology Co. Files for $70M IPO
by Marlena Haddad on 2023-11-08 at 3:02pm

Sichuan Wanma Benteng Technology Co. (NASDAQ:WMBT) submitted its S-1 filing this afternoon for a $70 million IPO and intends to focus its search in the China and Asia-Pacific areas.

However, the new SPAC submitted the filing without any expertise attached, becoming the third company to do so this year. This means that the filing was made without the guidance of underwriters, legal counsel, or auditors to provide advice on the process.

This trend was initiated by GRD Biotechnology (NASDAQ:CGRD) when it submitted a $40 million IPO filing back in July, followed by Lianfeng’s(NASDAQ:LFKJ) $70 million IPO filing in October.

Notably, all three SPACs have a focus on China and maintain identical terms with a 24-month timeline, absence of warrants or rights, and a fully funded trust of 100%.

Sichuan Wanma Benteng Tech is led by CEO and Chairman Mr. Xinchun Wu, who has more than three decades of experience in export trade and new energy. The S-1 did not divulge further details on Mr. Wu’s prior work history, but noted that as of last year, he was the Chairman of Yundu Huisheng Technology Co.

Mr. Wu is joined by CFO Mr. Bin Yu, who is also one of the founders of Yunchuang Blueprint (Xiamen) Technology Group Co. Mr. Yu has served as deputy general manager at an undisclosed accelerator company in China and as an operations manager at a Hong Kong-listed company.

SPAC TERMS

 

Recent Posts
by Nicholas Alan Clayton on 2024-05-23 at 3:58pm

Churchill VII (NYSE:CVII) has upped its enterprise value of target CorpAcq by +10.1% to $1.74 billion from $1.58 billion, according to a refreshed investor presentation released this morning. The new deck also provides some new numbers on CorpAcq’s estimated 2023 results and sheds some light on why Churchill VII may have postponed its May 21...

by Nicholas Alan Clayton on 2024-05-23 at 11:59am

Centurion Acquisition Corp. (NASDAQ:ALFUU) has filed for a $250 million IPO with a commitment by its sponsor group to try and get to its full allotment in-house. The S-1 includes language that “The sponsor limited partners have expressed to us an interest in purchase up to an aggregate of approximately $283,500,000 of the units in this...

by Nicholas Alan Clayton on 2024-05-23 at 7:54am

At the SPAC of Dawn When British regulators adopted new SPAC rules in 2021, it was in part to try and lure more business back to UK exchanges while the SPAC boom was ongoing in the US. Instead, UK-based SPAC volume has remained low and the country’s latest SPAC deal will actually take its target...

by Nicholas Alan Clayton on 2024-05-22 at 1:59pm

Perceptive Capital Solutions (NASDAQ:PCSC) has filed for a $75 million IPO with an experienced team able to drive ambitious terms. It becomes just the second SPAC in six months to file for a vehicle without either warrants or rights and it would become one of a select few teams that have gotten such a vehicle...

by Nicholas Alan Clayton on 2024-05-22 at 7:42am

At the SPAC of Dawn Autonomous driving de-SPACs gained a new playground this week as the UK has passed expansive new legislation allowing for autonomous vehicle testing and use on British roads. The new law will clarify liability issues around collisions and beef up its regulatory arm that considers new vehicles to be approved for...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved