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A crypto-focused SPAC generates R1.7 billion in a Nasdaq

The Aura FAT SPAC was listed on Nasdaq and completed its initial public offering with $115 million(R1.7bn) in proceeds following an over-allotment round.

Aura FAT Projects Acquisition Corp. (AFARU), a special purpose acquisition company (SPAC) focused on the crypto industry, has completed its initial public offering (IPO) on Nasdaq, raising $115 million(R1.7bn).

According to a Tuesday announcement from the firm, the Cayman Islands-incorporated SPAC raised an impressive $100 (R million during its April 13 initial public offering, with a $15 million (R225m) over-allotment, bringing its total to $115 million(R1.7bn).

Additionally, it receives funding from Singapore-based financial services firms Aura Group and Fat projects. According to the SPAC’s website, the organization maintains operations in Australia, New Zealand, Singapore, Indonesia, Vietnam, Thailand, Malaysia, and the Philippines.

Aura FAT will seek acquisitions in the blockchain sector, as it has expressed an interest in emerging technology companies that deal with Web3, cryptocurrency, distributed ledger technology, and e-gaming assets.

PrimeBlock, a Bitcoin (BTC) mining company, announced its acquisition of the 10x Capital Venture Acquisition Corp II SPAC on April 1. PrimeBlock will become a publicly-traded company as a result of the merger, which is valued at $1.3 billion (R18 bn)

Thunder Bridge Capital Partners IV SPAC merged with Japanese cryptocurrency exchange Coincheck in late March to form the Coincheck Group NV. The $1.25 billion(R18.7 bn) transactions are expected to be listed on Nasdaq in the second quarter of this year.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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