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    Home»Deals»Hong Kong-based SPAC HHG Capital files for a $50 million IPO
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    Hong Kong-based SPAC HHG Capital files for a $50 million IPO

    February 10, 20212 Mins Read
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    HG Capital, a blank check company formed by Silverbricks Asset Management, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering.

    The Hong Kong-based company plans to raise $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, HHG Capital would command a market value of $65 million.

    The company is led by CEO and Chairman Stephen Sze, an Executive Director at Silverbricks Asset Management and a former Executive Director at Agricultural Bank of China International, and CFO Stephen Chong, who currently serves as a Managing Director at Royal Talent Accounting Advisory and Shenzhen Royal Talent Business Consultant. While the company has not selected a target industry, it plans to leverage its management’s experience and focus on established businesses with stable free cash flow generation, and strong management teams, among other characteristics.

    Sze previously led SPAC Proficient Alpha Acquisition, which went public in May 2019 and completed its combination with Hong Kong-based financial services company Lion Financial Group in June 2020 to form Lion Group Holding (LGHL; -63% from $10 offer price).

    Read more/Source: Nasdq

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