TKK Symphony Acquisition Corporation: Focused on Consumer/Lifestyle in China
After the market close today, TKK Symphony Acquisition Corporation filed for a $200 million SPAC IPO with a focus on the Consumer and Lifestyle sectors in China. TKK Symphony is being led by Sing Wang, as Chairman and CEO. Mr. Sing Wang is currently Chairman of TKK Capital, a private equity/wealth management company, and is also CEO and Director of CM Seven Star Acquisition Corporation.
Looking at this IPO’s structure, there is a new twist to the completion deadline extension. Specifically, TKK is allowed no more than one 4-month extension on top of their stated 18 months. Plus, in order to access that extension, there is no shareholder vote. Instead, TKK must issue to shareholders, via a dividend, another warrant to purchase one-half of one share. That means a potential extra 20,000,000 warrants (for 1/2 share) added to the cap table. This essentially turns the deal into a “1 share + 1 full warrant + 1 full right” SPAC, rather than the initial 1+1/2+1. (Terms for the dividend warrant are the same as the public warrants included in the unit).
On the one hand, removing the vote protects the cash in trust (temporarily). On the other hand, now they’re back to a big (potential) warrant overhang. The potential dilution is certainly a big motivator to wrap things up by 18 months, but the biggest question I have is, how does having Sing Wang as a CEO of two SPACs work (CMSS and TKKS)? The fact that Sing Wang is CEO of both SPACs is not that prominent in the filing. Does this mean we can read through the lines and assume that very shortly this won’t be an issue anymore, i.e., CMSS will announce soon? Because frankly, this seems like a big conflict for a CEO. Which SPAC gets the best deal?
Keep in mind, this is the initial filing….a lot can happen between now and IPO. However, for now, this is something that is worth keeping an eye on.
Listed below are the current deal terms and you can find the profile page for TKK Symphony here.
Summary of terms are as follows:
- Focus: Consumer/Lifestyle in China
- $10.00 unit comprised of one Ordinary Share + one Warrant (1/2 share) + one Right
- Each Right entitles the holder to receive one-tenth (1/10) of one Share
- Warrant call for redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
- 100% held in trust ($10.00 per share)
- 18 months to complete an acquisition + 4 month extension by vote (shareholders receive 1/2 warrant)
- Underwriter fees: 2.0% + 3.5% business combination marketing agreement. EarlyBirdCapital is sole book-runner.
Ellenoff Grossman & Schole LLP and Maples and Calder are Issuer’s Counsel and Underwriter’s Counsel, respectively.


Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...
M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...
At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...